Section 3: Establishment, composition, etc., of the Board of the Bank

(1) There shall be a board of the Bank (in this Act referred to as "the Board") which shall, subject to this Act, exercise the functions conferred on it by this Act.
[1979 No. 96.]
(2) The Board shall consist of the following members-
(a) a chairman;
(b) the managing director of the Bank;
(c) a representative of the Federal Ministry of Finance;
(d) a representative of the Central Bank of Nigeria;
(f) a representative of the Ministry of Communications;
(g) five persons who by reason of their character and experience in matters relating to banking, finance, economics, accountancy or law, in the opinion of the Minister, are suitable for appointment as members of the Board.
(3) The chairman and members of the Board under paragraph (f) of subsection (2) of this section shall be appointed by the President on the recommendation of the Minister.
(4) The chairman and the members of the Board under paragraph (f) of subsection (2) of this section shall hold office for three years and shall be eligible for reappointment for one further term of office.
(5) The chairman or any member appointed under paragraph (f) of subsection (2) of this section may resign his appointment by a letter addressed to the Minister.
(6) The Board shall have power to regulate its own proceedings and may make standing orders for that purpose and, subject to such standing orders, function notwithstanding any vacancy in its memberships or the absence of any member.
(7) The chairman shall preside at every meeting of the Board and in his absence the members present may elect one of their members to preside at that meeting.
(8) The quorum for meetings of the Board shall be four, at least one of whom shall be a member appointed under paragraph (f) of subsection (2) of this section.
(9) The managing director shall appoint an officer of the Bank to be the secretary to the Board.