Section 35: Management Board of the Fund.

(1) The Fund shall be managed by a body to be known as the Solid Mineral's Development Board (in this chapter of the Act referred to as "the Board") which shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.
(2) The Board shall comprise-
(a)
a chairman to be appointed by the President on recommendation of the Minister of Solid Minerals Development;
(b) one person to represent the Central Bank of Nigeria ;
(c) one person to represent the Banker's Committee ;
(d) three persons to be appointed by the Minister to represent private mining operators and Mineral Processors ; and
(e) the Secretary to the Board.
(3) The quorum for meeting of the Board shall be three, of whom at least one shall be a member representing the Central Bank.
(4) The Board shall meet not less than four times in each year and on such other occasion as the Board may consider necessary.
(5) At any meeting of the Board, the Chairman shall preside, but if he is absent, the members' present at the meeting shall, appoint one of their member to preside at the meeting.
(6) Subject to Section 27 of the Interpretation Act (which provides for decision of a statutory body to be taken by a majority of its members and for the person presiding to have a casting vote), the Board may make orders regulating its proceedings and those of any of its Committees.
(7) Where the Board desires to obtain the advice of any person on a particular matter, the Board may co-opt him as a member for such period as it thinks fit, but a person who is a member by virtue of this subsectibn shall not be entitled to vote in any meeting of the Board and shall not count towards a quorum.
(8) The Secretariat of the Board shall be located in such place as the Minister may determine.
(9) The administrative expenses of the Board shall be borne by the Federal Government.