Section 6 of Republic Act No
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:
"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.
"(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."