Section 3: Appointment and tenure of office of Chairman and members of the Board.

(1) The Chairman shall be appointed by the President, on the recommendation of the Minister and the members shall be recommended by their various professional or statutory bodies to the Minister for appointment by the President.
(2) The Chairman and other members of the Board shall each hold office:
(a) for a term of 4 years in the first instance and may be reappointed for a further term of 4 years and no more; and
(b) on such terms and conditions as may be specified in their letters of Appointment:
provided that in appointing the Chairman and the Executive Secretary, due cognizance shall be taken to ensure fair representation of accounting bodies established by Acts of National Assembly.