Section 6: Establishment and responsibility of the Board of Directors.

(1) There is established for the Fund a Board of Directors (in this Act referred to as "the Board") responsible for-
(a) the attainment of the objectives of the Fund;
(b) the general supervision of the affairs of the Fund;
(c) formulating policies for regulating the management of the Fund;
(d) setting the guidelines, criteria, and conditions for granting and recovery of loans by the Fund;
(e) employing, either directly or on transfer or secondment from any civil or public service in the Federation, such number of employees as may, in the opinion of the Board, be required to perform the functions of the Fund under this Act; and
(f) pay to persons so employed such remuneration, including allowances, as the Board may, with the approval of the President, determine.
(2) The Board may appoint sub-committees of its members and external advisors as it may deem necessary to facilitate the performance of its functions under this Act.