Section 2: Board of Trustees of the Fund and its composition, etc.

(1) There shall be a Board of Trustees of the Fund (hereinafter referred to as "the Board'') which shall conduct the affairs of the Fund subject to the control and supervision of the Minister.
(2) The Board shall consist of -
(a) a Chairman to be appointed by the President, Commander-in-Chief of the Armed Forces on the recommendation of the Minister;
(b) the Director-General, Federal Ministry of Science and Technology or his representative;
(c) the Director-General, Federal Ministry of Finance and Economic Development or his representative;
(d) the Director-General, Ministry of National Planning or his representative;
(e) one representative of the Manufacturers Association of Nigeria;
(f) one representative of the Nigerian Association of Chambers of Commerce, Industries, Mining and Agriculture;
(g) two representatives from finance and banking institutions;
(h) two scientists;
(i) one social scientist;
(j) three other persons to be appointed from the private sector of the Nigerian economy; and
(k) any three other persons appointed by the President, Commander-in-Chief of the Armed Forces on the nomination of the Minister.
(3) Members of the Board mentioned in paragraphs (e) to (j) of subsection (2) shall be appointed by the Minister on the recommendation of the appropriate bodies.
(4) A member of the Board who is not a public officer shall unless he previously vacates his office hold office for three years on such terms as may be specified in his letter of appointment and may be subject to re-appointment for a further period of three years.
(5) A member of the Board who is not a public officer shall be paid meeting expenses from funds at the disposal of the Board as the Minister may direct.