An Act Amending Section Eighteen of Act Numbered Two Thousand Six Hundred and Twelve, Entitled, "An Act Creating the Philippine National Bank," As Amended by Acts Numbered Two Thousand Nine Hundred and Thirty-Eight and Thirty-Nine Hundred and Seventy-Nine
Commonwealth Act No. 352, approved on August 22, 1938, amends Section 18 of Act No. 2612, which established the Philippine National Bank. The amendment specifies that the President of the Bank, who serves as the chief executive, will be appointed by the Board of Directors with the President of the Philippines' consent and will receive a salary set by the Board, subject to the same approval. Additionally, one or more Vice-Presidents will assist the President, and in the event of the President's absence or incapacity, a designated Vice-President will assume their responsibilities. This amendment aims to clarify the governance structure and salary provisions for the leadership of the Philippine National Bank.
Law Information
- Reference Number
- Commonwealth Act No. 352
- Date Enacted
- Category
- Statutes
- Subcategory
- Commonwealth Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 22, 1938
COMMONWEALTH ACT NO. 352
AN ACT AMENDING SECTION EIGHTEEN OF ACT NUMBERED TWO THOUSAND SIX HUNDRED AND TWELVE, ENTITLED, "AN ACT CREATING THE PHILIPPINE NATIONAL BANK," AS AMENDED BY ACTS NUMBERED TWO THOUSAND NINE HUNDRED AND THIRTY-EIGHT AND THIRTY-NINE HUNDRED AND SEVENTY-NINE
SECTION 1. Section eighteen of Act Numbered Two thousand six hundred and twelve, entitled, "An Act creating the Philippine National Bank," as amended by Acts Numbered Two thousand nine hundred and thirty-eight and Thirty-nine hundred and seventy-nine, is further amended so as to read as follows: CSIcHA
"SEC. 18. The orders and resolutions of the Board of Directors shall be carried out by a President who shall be chief executive of the Bank and shall be paid an annual salary to be fixed by the Board of Directors with the approval of the President of the Philippines, and one or more Vice-President, who shall assist the President and shall be paid a salary to be fixed by the Board of Directors, with the approval of the President of the Philippines. In case of the absence of the President or his incapacity to act, the Board of Directors shall designate the Vice-President who shall take his place. The President shall be appointed by the Board of Directors, with the advice and consent of the President of the Philippines and may be removed in a like manner."
SECTION 2. This Act shall take effect upon its approval.
Approved, August 22, 1938.
Cite This Law
An Act Amending Section Eighteen of Act Numbered Two Thousand Six Hundred and Twelve, Entitled, "An Act Creating the Philippine National Bank," As Amended by Acts Numbered Two Thousand Nine Hundred and Thirty-Eight and Thirty-Nine Hundred and Seventy-Nine, Commonwealth Act No. 352, Aug 22, 1938 (Philippines)
An Act Amending Section Eighteen of Act Numbered Two Thousand Six Hundred and Twelve, Entitled, "An Act Creating the Philippine National Bank," As Amended by Acts Numbered Two Thousand Nine Hundred and Thirty-Eight and Thirty-Nine Hundred and Seventy-Nine, Commonwealth Act No. 352 (Phil. 1938)
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