Section 3: Composition of the board of directors, etc.

(1) The membership of the Board shall comprise-
(a) eight persons who shall not be Federal or State public officers, one of whom shall be appointed as chairman; and
(b) the managing director of the Corporation.
(2)
Appointments of members of the Board under paragraph (a) of subsection (1) of this section, and of the chairman, shall be made by the President only after first satisfying himself in respect thereof that the persons concerned are persons of integrity and of good standing in the community from which they are to be drawn; and in addition, the President must be satisfied that such persons are in the field of industry, commerce, finance or administration and also have specialised knowledge of the working of an insurance business, so as to be capable of discharging the functions of their office in a manner satisfactory to the President.
(3)
The supplementary provisions contained in the Schedule to this Act shall have effect in relation to the Corporation, the Board and the other matters therein mentioned.
[Schedule.]