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:

  1. Two representative of the Government, one of whom shall be designated by the President as Chairman and the other as Vice-Chairman;

  2. Three members recommended by the Philippine Coconut Producers Federation;

  3. One member recommended by the United Coconut Associations of the Philippines;

  4. 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:

  1. To direct and manage the affairs of the Authority;

  2. To prepare and adopt an annual budget;

  3. To disburse the proceeds of the levies for the purposes herein authorized; and

  4. To establish the internal organization of the Authority and fix the salaries and other compensation of its officers and employees.