Law Summary
Election and Terms of Office of Trustees
- Trustees elect a chairman and a vice-chairman from among themselves.
- The General Manager serves as a trustee during his tenure and ceases to be a trustee upon separation from the position.
- Appointed trustees (other than the General Manager) hold office for three years, or until their successors qualify.
- Initial appointments under this amendment have staggered terms: two trustees serve for two years, and two serve for three years.
- Successors are appointed for three-year terms beginning from the expiration of previous terms.
- Vacancies arising for reasons other than expiration of term are filled only for the unexpired portion of the term.
Nature and Location of the GSIS
- GSIS is established as a non-stock corporation.
- Its principal place of business is situated in Manila or Quezon City, Philippines.
Compensation of Trustees
- Trustees receive a per diem payment of twenty-five pesos for each day of actual attendance at Board sessions.
Implementation and Effectivity
- The Act amending the Board of Trustees' composition and related provisions took effect immediately upon its approval on June 18, 1966.