Section 3Sec./Art. 3

Sec. 10 of the same Charter is hereby amended to read as follows:

"Sec. 10. President and Chief Executive Officer. – The Chief Executive Officer of the Bank shall be the President who shall be elected by the Board of Directors from among themselves with the advice and consent of the President of the Philippines. No person shall be appointed President of the Bank unless he is at least forty (40) years of age, of good moral character and reputation, with at least ten (10) years previous experience in banking, and has a reputed proficiency, expertise and recognized competence in banking or financial management.

"The President shall, among other powers and duties, execute, carry out and administer the policies, measures, orders and resolutions approved by the Board; direct and supervise the operation and administration of the Bank; and exercise such other powers and perform such other functions or duties as may be directed to assigned to him by law or by the Board from time to time.

"Particularly, he shall have the power and duty:

"(a) To sign and execute all contracts concluded by the Bank and enter into all necessary obligations required or permitted by this Charter, upon proper authorization by the Board; and sign all notes, securities, certificates and other major documents of the Bank;

"(b) To exercise, as Chief Executive Officer of the Bank, the powers of control and supervision over decisions and actions of subordinate officers and all other powers that may be granted by the Board;

"(c) To report to the Board the main facts concerning the operations of the Bank and to recommend changes in policies which he may deem advisable;

"(d) To submit an annual report to the President of the Philippines on the result of the operations of the Bank;

"(e) To recommend to the Board the appointment, promotion, or removal of all officers of the Bank, with the rank of at least vice-president or its equivalent;

"(f) To appoint, promote or remove employees and officers below the rank of vice president or its equivalent: Provided, That promotions, transfers, assignments or reassignments of officers and personnel of the Bank are personnel actions deemed made in the interest of the service and not disciplinary, any provision of the Civil Service Law to the contrary notwithstanding; and

"(g) As required by circumstances, to delegate any of his powers, duties or functions to any officer or director of the Bank, with the approval of the Board."