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PRESIDENTIAL DECREE NO. 1094
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PRESIDENTIAL DECREE NO. 1094 -
AMENDING CERTAIN PROVISIONS OF R.A. 3591 AS AMENDED ENTITLED "AN ACT
ESTABLISHING THE PHILIPPINE DEPOSIT INSURANCE CORPORATION, DEFINING ITS
POWERS AND DUTIES AND FOR OTHER PURPOSES"
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chanroblesvirtualawlibrary
I,
FERDINAND E. MARCOS, President of the Philippines, by virtue of the
powers vested in me by the Constitution, hereby decree the following
amendment to R.A. 3591 as amended:cralaw:red
Section 1. Section 2 of R.A. 3591 as amended is
hereby further amended to read as follows: chanroblesvirtualawlibrary
"Sec. 2 The powers and functions of the Corporation
shall be vested in a Board of Directors consisting of three (3) members
one of whom shall be the Governor of the Central Bank of the Republic
of the Philippines to be appointed by the President of the Philippines
with the consent of the Commission on Appointments. One of the
appointive members shall be the Chairman of the Board of Directors of
the Corporation who shall be appointed on a full time basis for a term
of six (6) years at an annual compensation [which shall] AS MAY be
fixed FROM TIME TO TIME by the President of the Philippines BUT WHICH
SHALL UNTIL AMENDED BY LAW BE FIFTY THOUSAND (P50,000.00) PESOS PER
ANNUM. The other appointive member, who shall be appointed for a term
of four (4) years and the Governor of the Central Bank shall each
receive a per diem of not exceeding [fifty pesos (P50.00)] TWO HUNDRED
FIFTY PESOS (P250.00) FOR each day of meeting actually attended by them
but in no case shall each of them receive more, than [five hundred
(P500.00] ONE THOUSAND PESOS (P1,000.00) a month. In the event of
vacancy in the office of the Governor of the Central Bank of the
Philippines, and pending the appointment of his successor or during the
absence of the Governor, the Acting Governor of the Central Bank of the
Philippines shall act as member of the Board of Directors. In the event
of a vacancy in the Office of the Chairman of the Board of Directors
and pending the appointment of his successor, the Governor of the
Central Bank of the Philippines shall act as Chairman. The members of
the Board of Directors shall be ineligible during the time they are in
office and for a period of two years thereafter to hold office or
employment in any insured bank, except that this restriction shall not
apply to any member who has served the full term for which he was
appointed. No member of the Board of Directors shall be an officer or
director of any insured bank, and before entering upon his duties as
member of the Board of Directors he shall certify under oath that he
has complied with this requirement and such certification shall be
filed with the Secretary of the Board of Directors. Any vacancy in the
Board created by the death, resignation, or removal of an appointive
member shall be filled by the appointment of a new member to complete
the unexpired period of the term of the member concerned.
Section 2. All laws, decrees, orders, rules and
regulations inconsistent herewith are hereby repealed or amended
accordingly.
Section 3. This decree shall take effect immediately.
DONE in the City of Manila,
this 18th of February, in the year of Our Lord, nineteen hundred and
seventy-seven.
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