"Section 5.    The governing powers and authority shall be vested in the Board of Governors, a body of thirty members, six of whom shall be appointed by the President of the Philippines, sixteen of whom shall be elected by the Chapter delegates in a biennial meeting, and the remaining eight shall be selected by the twenty-two members of the Board of Governors already chosen. At least one but not more than three of the Presidential appointees shall be chosen from among members of the Armed Forces of the Philippines. The term of office of all members of the Board of Governors shall be four years. Any member of the Board of Governors who has served two consecutive full terms of four years each shall be ineligible for membership on the Board for at least two years. The six appointed, the six elected, and the eight selected members first chosen under the provisions of this Act shall, by lot, divide themselves into two groups equal in number, with terms expiring at the end of two years and four years, respectively, so that thereafter one half of the members shall be chosen biennially. 

"Vacancies in the Board of Governors caused by death or resignation shall be filled by election by the Board of Governors at its next meeting, except that vacancies among the Presidential appointees shall be filled by the President.

"The President of the Philippines shall be the Honorary President of the Philippine National Red Cross. The officers shall consist of a Chairman, a Vice-Chairman, a Secretary, a Treasurer, an Assistant Treasurer, and a Counsellor, all of whom shall be elected by the Board of Governors from among its membership. The officers shall be elected for a term of two years and may be re-elected. The election of officers shall take place within six days after all the members of the Board of Governors have been chosen and have qualified.

"The biennial meeting of chapter delegates shall be held on such date and such place as may be specified by the Board of Governors to elect members of the Board of Governors and advise the Board of Governors on the activities of the Philippine National Red Cross: Provided, however, That during periods of great emergency the Board of Governors in its discretion may determine that the best interest of the corporation will be served by omitting such biennial meeting. 

"The power to ordain, adopt and amend by-laws and regulations shall be vested in the Board of Governors.

"The members of the Board of Governors, as well as the officers of the corporation, shall serve without compensation. The compensation of the paid staff of the Corporation shall be determined by the Board of Governors upon the recommendation of the Manager."