Composition and Appointment of the Board of Directors
- Board consists of seven members appointed by the President with the Commission on Appointments' consent.
- The President appoints the chairman from among board members.
- Directors serving at the time of the Act continue until removed by the President.
- The President has discretion to remove any director.
Board Meetings, Quorum, and Oaths
- Four members constitute a quorum for transacting business.
- Directors must take an oath before assuming duties.
Compensation and Remuneration
- Directors receive a per diem not exceeding twenty-five pesos per meeting day attended, except the chairman.
- Chairman serves also as general manager and receives compensation not exceeding fifteen thousand pesos per annum.
- Government officers/employees receiving fixed government salary who serve as directors are not entitled to the per diem.
Reporting and Accountability
- The board must submit annual report and balance sheets to the President and Congress as required by the Administrative Code.
Appropriation of Additional Operating Capital
- A sum of five million pesos appropriated from the Philippine Treasury as additional operating capital.
- Disbursement of funds requires authorization from the Board of Directors.
Effectivity Clause
- The Act's provisions take effect immediately upon approval on August 1, 1946.