Section 3: Governing Board.

(1) There is established for the Council a Governing Board (in this Act referred to as "the Board") which shall be charged with the administration and general management of the Council.
(2) The Governing Board shall consist of the following members
(a) the President of the Council who shall be the Chairman;
(b) the Deputy and Vice-Presidents of the Council;
(c) a representative of the Federal Ministry responsible for Insurance matters not below the rank of a Director;
(d) a representative of the Federal Ministry of Education not below the rank of a Director;
(e) a representative of the National Insurance Commission not below the rank of a Director;
(f) past Presidents of the Corporation;
(g) not more than eight other elected members;
(h) not more than six Chairmen of the Council Area Committees;
(i) the Executive Secretary of the Council who shall also be the Chief Executive Officer of the Council; and
(j) other members not exceeding two as may be co-opted by the Governing Board.
(3) The Chairman and members of the Board shall be elected at the annual general meeting of the Council.
(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 Council and other matters.
[FIRST SCHEDULE]
(5) Regulations made by the Council with the approval of the Minister may provide for an increase or reduction in members of the Board and may make such amendments to subsection (2) of this section and the Schedules to this Act as the Minister considers expedient for the purposes of or in consequence of the increase or reduction.