Section 9Sec./Art. 9

Powers and Functions of the Board of Directors. The Board of Directors shall:

(a) Formulate policies necessary to carry out effectively the provisions of this Act and adopt such bylaws, rules and regulations for the effective operation of the Veterans Bank in conformity with this Act and other existing laws;

(b) Determine the organization of the Veterans Bank by creating the necessary departments or offices as are essential for the efficient operation of the Veterans Bank;

(c) Subject to prior approval of the Monetary Board, establish branches or agencies in other countries; and

(d) Create an executive committee and such other committees as may it may deem necessary and proper in the conduct of the business of the corporations, with composition, powers and duties as it may prescribe, subject to BSP rules and regulations, and act on all matters affecting general policies of the Veterans Bank.