Section 13: Responsibilities and powers of the Board.

(1) The Board shall be responsible for-
(a) the attainment of the public policy objectives of this Act;
(b) the overall policy and general supervision of the affairs of the Corporation toward the efficient and effective performance of the functions of the Corporation; and
(c) such other matters as may be prescribed by any other provision of this Act.
(2) Without prejudice to the generality of subsection (1), and in addition to such other powers vested in the Board by other provisions of this Act, the Board shall have power to-
(a) superintend over the affairs of the Corporation;
(b) act in the name of the Corporation;
(c) acquire and approve the acquisition of offices and other premises for the use of the Corporation;
(d) make, alter and revoke rules, guidelines, circulars, and regulations for attaining the public policy objectives and performing the functions, carrying on the operations, activities, and business of the Corporation under this Act;
(e) appoint officers and staff who in the opinion of the Board are required for performing the functions of the Corporation, including the examination of insured institutions;
(f) to the exclusion of any other authority, body or person, fix the terms and conditions of service of the employees of the Corporation, including remuneration, allowances and pension benefits in accordance with the Pension Reform Act; [Act No. 4, 2014]
(g) make, alter, or revoke disciplinary rules and procedures and measures for the staff, officers and other employees of the Corporation; and
(h) do such other things and enter into such other transactions which in the opinion of the Board are reasonably incidental, supplementary or conducive to the exercise of powers of the Corporation and the performance of the functions of the Corporation.