Section 6: Establishment, membership and powers of the Governing Council.

(1) There is established for the Institute a Governing Council (in this Act referred to as "the Council") charged with the responsibility for general administration and management of the Institute.
(2) The Council shall consist of –
(a) the President who is the Chairman of the Council and shall preside at the meetings and functions of the Council;
(b) the First Vice-President as Vice-Chairman;
(c) the Second Vice-President;
(d) a representative of the Bankers Committee not below the rank of a chief executive officer or managing director of a bank;
(e) four persons to be elected by the Institute who shall either be Chartered Risk Managers or Fellows of the Institute;
(f) a representative of the Federal Ministry responsible for education;
(g) the immediate past President of the Institute; and
(h) the Registrar of the Institute who shall serve as the Secretary.
(3) The provisions of the First Schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Council and other matters mentioned in it. [First Schedule]