Section 5: Qualifications of the Chairman and members of the Board.

(1) A person shall be qualified for appointment to the office of the Chairman or member of the Council, if the person-
(a) is a citizen of Nigeria;
(b) has attained the age of 35 years;
(c) possesses the qualification stated in section 17 (1) (c) of this Act;
(d) has not been adjudged to be mentally unfit; and
(e) has not been declared bankrupt.
(2) The Chairman of the Board shall be appointed by the President on the recommendation of the Minister and the Chairman shall hold office for a term of three years and may be eligible for re-appointment for another term of three years and no more.
(3) The Chairman shall preside at the meetings of the Board, but in the event of death, resignation, incapacity or inability to perform the functions of the office for any reason, the Board shall elect a fit and proper member of the Board to act in his stead for the unexpired portion of the term of office.
(4) The provisions of the First Schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Board and other matters mentioned in the First Schedule. [First Schedule]