WHEREAS,
Republic Act No. 3518, otherwise known as the Charter of the Philippine
Veterans Bank has been amended by Presidential Decree No. 236 for the
purpose, among others, of affecting reforms in the operations of the
Philippine Veterans Bank and to revitalize its structure as an
important instrument to promote the national development program of the
government; chanroblesvirtualawlibrary
WHEREAS, to provide for further improvement in the management and
operations of the Philippine Veterans Bank it is deemed necessary that
certain provisions of Republic Act No. 3518, as amended by Presidential
Decree No. 236, be further amended, specifically for the purpose of
establishing the rule that the specifically for the purpose of
establishing the rule that the President of the Philippine Veterans
Bank shall concurrently be the Vice-Chairman of the bank's Board of
Directors: chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution, do hereby
order and decree as follows: chanroblesvirtualawlibrary
Section 1. Section 6 of Republic Act No. 3518, as
amended by Section 2 of Presidential Decree No. 236, is hereby further
amended to read as follows:cralaw:red
"Sec. 6. Qualifications and per diems of the Board of
Directors. (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 Administrator of the Veterans Affairs Office, the President of
the Veterans Federation of the Philippines, and the Minister of
National Defense, 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. 1103 dated January 17, 1973, who shall hold office for
one year and until their successors are duly appointed and qualified.
After the lifting of Proclamation No. 1081, as amended by Proclamation
No. 1103, the eight members of the Board of Directors shall be elected
annually by the stockholders of the respective region in the manner
prescribed in 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. chanroblesvirtualawlibrary
"(b) The Board of Directors shall, upon a majority
vote of all its members, elect its Chairman and Secretary which
Secretary may or may not a member of the Board, at such time and place
as shall be provided for its By-Laws. The Board shall have a
Vice-Chairman which position shall be non-elective and shall be held by
the President of the Veterans Bank in a concurrent capacity. Pending
the election of its Chairman, the President of the Bank shall preside
over the Board of Directors."
Section 2. Section 8 of Republic Act No. 3518, as
amended by Section 3 of Presidential Decree No. 236, is hereby further
amended to read as follows:cralaw:red
"Sec. 8. President and Vice Presidents — Appointments
and removal — Salaries. — The Chief Executive of the Bank shall be the
President who shall be chosen by the Board of Directors. In addition to
this powers, functions, duties and responsibilities as Chief Executive
of the Bank, the President of the Veterans Bank shall be concurrently
the Vice-Chairman of its Board of Directors. He shall be assisted by an
Executive Vice-President and such other Vice-Presidents who shall be
elected and may be removed only for cause by the Board of Directors.
The President and the Executive Vice-President shall possess practical
experience in banking or finance as executives for at least five years.
The salaries of the President, Executive Vice-President and such other
Vice-Presidents shall be fixed by the Board of Directors." chanroblesvirtualawlibrary
Section 3. All laws, decrees, orders, rules and
regulations which are inconsistent or in conflict with the provisions
of this Decree are hereby repealed or modified accordingly.
Section 4. This Decree shall take effect
immediately.
Done in the City of Manila,
this 7th day of September, in the year of Our Lord, nineteen hundred
and seventy-nine.
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