Section 2: Establishment of the Board.

(1) The Fund shall, subject to section 4 of this Act, be managed by a body to be known as the Agricultural Credit Guarantee Scheme Fund Board (in this Act referred to as "the Board") which shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.
(2) The Board shall comprise-
(a) four persons appointed by the Minister, one of whom shall be designated chairman;
(b) two representatives of the Central Bank; and
(c) one representative of the Bankers Committee.
(3) The quorum for meetings of the Board shall be four of whom at least one shall be a representative of the Central Bank.
(4) The Board shall meet not less than four times in each year and on such other occasions as the Board may consider necessary.
(5) At any meeting of the Board the Chairman shall preside; but if he is absent, the members present at the meeting shall appoint one of their number to preside at that meeting.
(6)
Subject to section 27 of the Interpretation Act (which provides for decisions of a statutory body to be taken by a majority of its members and for the person presiding to have a casting vote), the Board may make standing orders regulating its proceedings or any sub-committee thereof.
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(7) Where the Board desires to obtain the advice of any person on a particular matter, the Board may co-opt him as a member for such period as it thinks fit; but a person who is a member by virtue of this subsection shall not be entitled to vote at any meeting of the Board and shall not count towards a quorum.
(8) There shall be a secretary to the Board who shall be an official of the Central Bank designated as such and the secretariat of the Board shall be located in the Central Bank.
(9) The administrative expenses of the Board shall be borne by the Federal Government.