Section 3: Establishment and composition of the National Economic Reconstruction Committee, etc.

(1) There is hereby established a committee to be known as the National Economic Reconstruction Fund Committee (in this Act referred to as "the Committee") which shall comprise -
(a) the Minister or his representative as chairman;
(b) the Governor of the Central Bank of Nigeria or his representative;
(c) the Fund General Manager;
(d) one representative of commercial banks;
(e) one representative of merchant banks;
(f) one representative of development banks; and
(g) one representative of the Federal Ministry of Finance who shall be the secretary to the Committee.
(2) The three representatives of the banks shall be appointed by the President, on the recommendation of the Minister.
(3) The status of the representatives of the banks shall not be less than that of assistant general manager.
(4) The Committee shall administer the Fund and perform such other functions as are conferred upon it by this Act.
(5) The members of the Committee, other than ex-officio members, shall be paid such allowances as may be determined, from time to time, by the Minister.
(6) The quorum of the Committee shall be four.