ARTICLE  VIII Postal Savings Bank SECTION  1216 . Philippine Postal Savings Bank . — To provide facilities for the safe investment of the savings of the people of the Philippine Islands and for other purposes, there shall be maintained as a division of the Bureau of Posts an institution to be  known as the Philippine Postal Savings Bank, hereinafter referred to as the bank. [1493-1, 2.] SECTION  1217 . Authority of Bank . — The bank shall have authority to receive, invest, loan, pay out, and otherwise dispose of sums of money and other valuable things, to receive and pay out interest and other charges therefor and to conduct and transact any  other business incidental to the operation of a savings bank. SCETHa SECTION  1218 . Location of Bank . — The central office of the Philippine Postal Savings Bank shall be in Manila and the Director of Posts shall establish, maintain, and discontinue postal savings banks and branches thereof in such places as he shall deem pro per. [1493-6.] S ECTION  1219 .  Postal Savings Bank Board.  — The postal savings bank board, hereinafter referred to as the board, shall consist of the Secretary of Commerce and Police, who shall be chairman of the board; the Secretary of Finance and Justice, who shall be fi rst vice-chairman of the board; the Director of Posts, who shall be second vice-chairman of the board; the Insular Treasurer; and a business man appointed by the Governor-General. The superintendent, postal savings bank division, shall be the secretary of  the board. [1493-18 ( a ).] SECTION  1220 . Duties of Board.  — It shall be the duty of the board to invest the funds of the bank as provided herein, to fix the rates of interest on loans and deposits, and to perform such other duties as the proper investment and administration of the a ssets of the bank shall require. [1493-18 ( a ).] SECTION  1221 . Authority of Chairman and Secretary to Sign for Board. — The chairman of the board, and in his absence the first or second vice-chairman, Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011 362