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PRESIDENTIAL DECREE NO. 423
PRESIDENTIAL DECREE NO. 423 -
AMENDING Section FOURTEEN OF REPUBLIC ACT NUMBERED EIGHTY-FIVE, AS
AMENDED BY REPUBLIC ACT NUMBERED THREE THOUSAND FIVE HUNDRED SEVENTEEN
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WHEREAS, in
pursuance of the policy to promote efficiency in the public service,
there is a need to provide for a position of Vice-Chairman in the Board
of Governors of the Development Bank of the Philippines to preside the
meetings of the Board in the absence or temporary incapacity of the
Chairman of the Board;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested upon me by the Constitution do hereby
order and decree:cralaw:red
Section 1. Section fourteen of Republic Act Numbered
Eighty-five, as amended by Republic Act Numbered Three thousand five
hundred seventeen, is hereby amended to read as follows:cralaw:red
"Sec. 14. Board of Governors. — The affairs and
business of the corporation shall be directed, its powers exercised,
and its property managed and preserved by a Board of Governors
consisting of the chairman and eight other members to be appointed by
the President of the Philippines. The Chairman and four members of the
Board to be designated by the President shall render full time service
to the Corporation. The term of office of the Chairman and other
members of the Board shall be seven years, except that of the first
members which shall be one, two, three, four, five, six and seven year
and which shall be specified in their respective appointments. The
compensation of the Chairman and other members of the Board of
Governors shall be fixed by the President of the Philippines, who may
remove any of them for cause.
The President may designate as Vice-Chairman one of the eight members
of the Board who shall preside the meetings of the Board in the absence
or temporary incapacity of the Chairman.
No person shall be appointed Chairman or member of the Board of
Governors unless he be of good moral character and unquestionable
integrity and be of recognize competence in economic, agriculture,
industry, finance and/or banking."
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 27th day of March, in the year of Our Lord, nineteen hundred and
seventy-four.
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