Section 3: Board of Directors

(1) There shall be a Board of Directors of the Corporation (referred to as "the Board") which shall, subject to the general direction of the Minister, be responsible for the overall policy and general management of the Corporation.
(2) The Board shall comprise the following members, that is-
(a) eight persons (being persons who are not Federal or State public officers) appointed by the President one of which members shall be appointed as Chairman of the Board by the President; and
(b) the Managing Director of the Corporation
(3) The Chairman shall hold office for three years and shall be eligible for reappointment.
(4) The Chairman may resign his appointment by a letter addressed to the Minister and the resignation shall take effect from the date on which the letter is received by the Minister.
(5) The supplementary provisions of the First Schedule to this Act shall have effect in relation to the procedure at meetings of the Board and such other matters as are specified therein.