Section 10Sec./Art. 10

Subsection 9.1 of Section 9 of Presidential Decree No. 1467, as amended, is hereby further amended, to read as follows:

"9.1. The powers of the Corporation shall be vested in and exercised by a Board of Directors now composed of seven (7) members and made up of the following: the President of the Land Bank of the Philippines (LBP), the President of the Corporation, the Executive Director of the Agricultural Credit Policy Council (ACPC), a representative from the private insurance industry to be nominated by the Secretary of Finance and three (3) representatives from the subsistence farmers sector, preferably representing agrarian reform beneficiaries/cooperatives/ associations coming from Luzon, Visayas and Mindanao, who shall be selected and nominated by the different farmers organizations and/or cooperatives. The respective nominees of the private insurance industry and the farmer's sector shall be submitted to and appointed by the President.

The chairman of the Board of Directors shall be appointed by the President from among the members of the Board of Directors. The President of the Corporation shall also be appointed by the President and shall be ex officio vice chairman who shall assist the chairman and act in his stead in case of absence or incapacity. In case of absence or incapacity of both the chairman and the vice chairman, the Board of Directors shall designate a temporary chairman from among its members. Except for the President of the LBP and the Executive Director of the ACPC, all members of the Board of Directors, including the President of the Corporation, shall be appointed by the President within a reasonable period of time after the approval of this Act."