Section 2: Governing Board of the Commission.

(1) There is hereby established for the Commission, a Governing Board which shall be responsible for managing and superintending the affairs of the Commission and consist of-
(a) a part-time chairman;
(b) a representative each of-
(i) the Federal Ministry of Finance, not below the rank of a director;
(ii) the Central Bank of Nigeria, not below the rank of a director;
(iii) the Chartered Insurance Institute of Nigeria;
(iv) the Federal Ministry of Commerce;
(2) The chairman and members of the Commission other than ex-officio members, shall be appointed by the President.
(3) No member of the Board shall have the right to appoint any proxy to represent him at a meeting of the Board.
(4)
The supplementary provisions set out in the Schedule to this Act, shall have effect with respect to the proceedings of the Board and the other matters mentioned therein.
[Schedule.]