Section 4: Establishment of the Board of Directors.

(1) There is hereby established for the Bank a governing board to be known as the Board of Directors (in this Act referred to as "the Board").
(2) The Board shall comprise-
(a) a part-time chairman to be appointed by the President;
(b) the Managing Director of the Bank;
(c) the Permanent Secretary of the Ministry of Education or his representative;
(d) one person to represent the Ministry of Finance;
(e) three persons to represent the share-holders in proportion to their shareholding in the Bank;
(f) the Executive Directors of the Bank; and
(g) three other persons who, by reason of their character and experience in matters relating to education, banking, accountancy, law, finance of economics, are in the opinion of the Minister suitable for appointment as members of the Board.
(3) The members of the Board shall be paid such allowances as the Bank in a general meeting may, from time to time, approve.
(4)
The provisions of the Schedule to this Act shall have effect with respect to the proceedings of the Board and the other matters mentioned therein.