Section 4: Functions of the Board

(1) The Board shall be charged with the general duty of-
(a) approving the annual budget of the Bank;
(b) recommending to the Minister any changes in the policy of the Bank that it considers necessary;
(c) recommending to the Minister any variations in the rate of interest of the Bank that it considers necessary;
(d) giving guidelines to the managing director for the conduct of the business of the Bank;
(e) subject to the provisions of section 10 of this Act, setting out guidelines for the investment of the funds of the Bank;
(f) approving major projects of the Bank, such as the acquisition of interests in land, building and equipment for the use of the Bank;
(g) appointment, promoting and disciplining of the employees of the Bank and the delegation of powers in relation thereto to the managing director or any other employee of the Bank;
(h) paying remuneration and allowances (including pensions and gratuities and other expenses) to employees of the Bank in accordance with scales approved by the Minister;
(i) doing anything which in its opinion is calculated to facilitate the carrying out of the functions of the Bank.