WHEREAS,
the Philippine Veterans Bank was created to help solve the economic
plight of veterans, war widows and orphans and provide an instrument
vital to the promotion of the national development program of the
government; chanroblesvirtualawlibrary
WHEREAS, the Secretary of National Defense is an ex-officio member of
the Board of Directors of the Philippine Veterans Bank; and chanroblesvirtualawlibrary
WHEREAS, in order to give the Secretary of National Defense flexibility
in the performance of his functions especially in the management of the
national defense program of the management of the national defense
program of the government, it is necessary that the Secretary of
National Defense be authorized to participate in the deliberations of
the Board of Directors of the Veterans Bank either by himself or
through a representative with all the rights and privileges of a voting
member.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081 dated September 21, 1972, and General
Order No. 1 dated September 22, 1972, as amended, do hereby order and
decree the further amendment of Republic Act No. 3518 as follows:cralaw:red
Section 1. Section 6, Subsection (a) of Republic Act
Numbered Thirty-five Hundred and Eighteen is hereby further amended to
read:cralaw:red
"Sec. 6. Qualifications and per diems of the Board. —chanroblesvirtualawlibrary
"(a) The affairs and business of the Veterans Bank
shall be directed and its property managed, controlled and preserved,
unless otherwise provided in this Act, by a Board of Directors
consisting of eleven (11) members to be composed of three (3)
ex-officio members to wit: the Secretary of National Defense himself or
his representative duly designated by him, the Administrator of the
Veterans Affairs Office and the President of the Veterans Federation of
the Philippines, and the remaining members of which five shall come
from Luzon, two from Visayas, one from Mindanao who shall be veterans
of good standing, college graduates, with formal business training
and/or experience in banking and finance for a period of five years,
and who are all actually and physically residing in their region, shall
be appointed by the President of the Philippines during the existence
of Proclamation No. 1081 dated September 21, 1972, as amended by
Proclamation No. 1104 dated January 17, 1973, who shall hold office for
one year and until their successors and duly appointed and qualified.
After the lifting of Martial Law, the eight (8) members of the Board of
Directors shall be elected annually by the stockholders of the
respective region in the manner prescribed by the By-Laws of the Bank.
Provided, that no director, officer, or employee of any other bank
shall be eligible as member of the Board of Directors of the Veterans
Bank: Provided, further, that the members of the Board of Directors
shall receive a per diem allowance of Fifty Pesos (P50.00) for every
meeting of the Board actually attended by them; and Provided, finally,
that any representative of the Secretary of National Defense duly
designated by him to sit in lieu of himself in the Board of Directors
of the Veterans Bank of the Philippines shall enjoy full rights and
privileges of a voting member."
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 1st day of April, in the year of Our Lord, nineteen hundred and
seventy-six.
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