Section 2: Establishment of the National Board for Community Banks, etc.

(1) There is hereby established for the promotion, development, monitoring and general supervision of a bank under this Act, a National Board for Community Banks (in this Act referred to as "the Board").
(2) The Board shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.
(3) The Board shall consist of a Chairman, a Secretary and the following other members, that is-
(a) a representative each of-
(i) the Federal Ministry of Finance;
(ii) the Federal Ministry of Agriculture and Rural Development;
(iii) the Presidency; and
(b) four other persons.
(4) The Chairman, Secretary and the four other persons referred to in subsection (3) of this section shall be appointed by the President.
(5) A person appointed as a member of the Board, other than an ex-officio member-
(a) shall hold office for a period of three years from the date of his appointment and may be eligible for re-appointment for one further period of three years and thereafter he shall no longer be eligible for re-appointment;
(b) may resign his office by a letter addressed to the President and the resignation should take effect from the date of the receipt of the letter by the President;
(c) shall be paid such remuneration and allowances as the Board may determine.
(6) The Board shall meet at such times and places as the Chairman shall direct.
(7) The quorum at any meeting of the Board shall be five, consisting of two public and three non-public officers who are members of the Board.
(8) The Board shall have the power to appoint its officers and other employees on such terms and conditions as the Board may, from time to time, determine.