Section 3: Board of Directors

(1) There shall be a Board of directors of the Bank (in this Act referred to as "the Board") which shall, subject to the general directives of the Minister, be responsible for the overall policy and general management of the Bank.
(2) The Board shall comprise the following, that is-
(a) a chairman;
(b) the Permanent Secretary of the following Federal Ministries-
(i) Finance;
(ii) Commerce; and
(iii) Industry;
(c) the representative of the Central Bank;
(d) the managing director;
(e) a number of directors, not being more than three, who shall be appointed jointly by the minority shareholders; and
(f) such other persons as are by reasons of their experience and character suitable for appointment as members of the Board, as may be appointed by the Minister.
(3) The chairman of the Bank shall be appointed by the Minister upon such terms and conditions as the Minister may with the approval of the President determine.
(4) A member of the Board appointed by virtue of this section (not being a member by virtue of paragraphs (a), (b), (c) and (d) of subsection (1) of this section, shall be appointed for such period as may be specified in his instrument of appointment and shall be entitled to be paid such fees and allowances in accordance with such rules as the Board may, subject to the approval of the Minister, prescribe.
(5) The provisions of the Schedule to this Act shall have effect in relation to the membership, the procedure at meetings of the Board and such other matters as are specified thereunder.
(6) The reference-
(a) in subsection (2) (b) of this section to any representative of a Federal Ministry is a reference to such officer of a Federal Ministry as may be nominated by the Director- General of such Ministry to represent him in that behalf; and
(b) in subsection (2) (e) of this section to "the minority shareholders", is a reference to the shareholders of the Bank apart from the Government.