Section 2: Establishment of the Board of Directors

(1) There is hereby established for the Mortgage Bank a board of directors (in this Act referred to as "the Board") which shall comprise-
(a) a Chairman who shall be appointed by the President;
(b) one person to represent the Federal Ministry of Works and Housing;
(c) two persons to represent the Central Bank of Nigeria;
(d) one person to represent the general interest;
(e) the Managing Director of the Mortgage Bank; and
(f) the three Executive Directors of the Mortgage Bank.
(2) The members of the Board, other than the Chairman and ex-officio members, shall be appointed by the President on the recommendation of the body they represent.
(3) The members of the Board shall be paid such allowances as the Mortgage Bank in a general meeting may, from time to time, approve.
(4) The provisions of the Schedule to this Act shall have effect with respect to the proceedings of the Board and the other matters mentioned therein. [Schedule.]