Amendment on PNB President and VP Appointment

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Commonwealth Act No. 352: Amendment on PNB President and VP Appointment

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Title Source: Supreme Court: Amendment on PNB President and VP Appointment

Law: Commonwealth Act No. 352

Decision Date: Aug 22, 1938

Commonwealth Act No. 352 amends the provisions of Act Numbered 2612, creating the Philippine National Bank, by establishing the roles and responsibilities of the President and Vice-Presidents, including their appointment, salary, and temporary replacement.

Law Summary

Appointment and Removal of the President

The President of the Bank shall be appointed by the Board of Directors.
This appointment requires the advice and consent of the President of the Philippines.
The removal of the President follows the same procedure as the appointment, requiring the Board's action and the President of the Philippines' approval.

Vice-Presidents and Succession

There may be one or more Vice-Presidents who assist the President in his duties.
Vice-Presidents’ salaries are determined by the Board of Directors, with approval from the President of the Philippines.
In the absence or incapacity of the President, the Board of Directors will designate a Vice-President to act as President temporarily.

Salary Determination

The annual salary of the President is fixed by the Board of Directors but must be approved by the President of the Philippines.
Similarly, Vice-Presidents’ salaries are fixed by the Board with the same requirement of presidential approval.

Legal Effectivity

This amendment to Section 18 of Act No. 2612, as previously amended, took effect immediately upon its approval on August 22, 1938.

END