Section 2Sec./Art. 2

Sec. 8 of the same Charter is hereby amended to read as follows:

"Sec. 8. Board of Directors; Composition; Tenure; Per Diems. – The affairs and business of the Bank shall be directed and its properties managed and preserved and its corporate powers exercised, unless otherwise provided in this Charter, by a Board of Directors consisting of nine (9) members, to be appointed by the President of the Philippines. The term of office of the Chairman, President and the members of the Board of Directors shall be for a period of one year or until such time as their successors are appointed.

"The Chairman of the Board shall be appointed by the President of the Philippines from among the members of the Board: Provided, That the position of chairman of the Board and president of the Bank shall not be held by the same person.

"The Chairman shall preside at meetings of the Board and of the stockholders

"The President of the Bank shall be vice-chairman of the Board, and as such, shall assist the Chairman and act in his stead in case of absence or incapacity. In case of incapacity or absence of both the chairman and the Vice-chairman, the Board of Directors shall designate a temporary chairman from among its members.

"No person shall be appointed director of the Bank unless he is a natural-born citizen of the Philippines, not less than thirty-five (35) years of age, of good moral character and has attained proficiency, expertise and recognized competence in one or more of the following: banking, finance, economics, law, agriculture, business management or government administration.

"At least four of the members of the Board shall come from the private sector.

"Except for the Chairman and the President, no officer or employee of the Bank may be appointed, as a member of the Board of directors of the Bank; nor shall any director, officer or employee of any other bank be eligible as a member of the Board of Directors of the Bank.

"Unless otherwise set by the Board and approved by the President of the Philippines, members of the Board shall be paid a per diem of One thousand pesos (P1,000.00) for each meeting of the Board of Directors actually attended: Provided, That the total amount of per diems for every single month shall not exceed the sum of Seven thousand five hundred pesos (P7,500.00)."