Section 4. Governing Board. —
The corporate powers and duties of the Authority shall be vested in, and exercised by, Board of seven (7) members to be appointed by the President, as follows:
Two representative of the Government, one of whom shall be designated by the President as Chairman and the other as Vice-Chairman;
Three members recommended by the Philippine Coconut Producers Federation;
One member recommended by the United Coconut Associations of the Philippines;
One member recommended by the owner and operator of the hybrid coconut seednut farm herein authorized to be established.
The Board shall have the following additional powers and duties:
To direct and manage the affairs of the Authority;
To prepare and adopt an annual budget;
To disburse the proceeds of the levies for the purposes herein authorized; and
To establish the internal organization of the Authority and fix the salaries and other compensation of its officers and employees.