Section 10: Appointment of other Directors.

(1) The five Directors of the Bank shall be appointed by the President subject to confirmation by the Senate and in appointing the five external Directors of the Bank, the President shall have due regard to a fair representation of the financial, agricultural, industrial and commercial interests and the principle of Federal Character.
(2) A Director appointed pursuant to this section shall be a person of recognised standing and experience in any of economics, law, public administration, business administration, accounting, banking and finance, but while a Director of the Bank, he shall not hold office as a Director on the Board of any Federal, State or Local Government or of any other body:
Provided that he may hold office as a Director of any private commercial, financial, agricultural, industrial, or other organization or institution so long as his duties in respect thereof do not conflict with his duties as a Director of the Bank.
(3) A Director appointed pursuant to this section shall-
(a) hold office for four years and shall be eligible for re-appointment for another term of four years ;
(b) be entitled to such fees and allowances as may be prescribed by rules made in that behalf by the Board and approved by the President.