Section 4: Establishment of the Board of Trustees Schedule.

(1) There is established for the Fund, a Board of Trustees (in this Act referred to as "the Board of Trustees") which shall consist of-
(a) a chairman who shall-
(i) be a person with good knowledge in finance and administrative matters;
(ii) have qualifications and experiences as are required to perform the functions of that office under this Act.
(b) 6 persons, each representing a geo-political zone in the country;
(c) a representative each of the following Federal Ministries, who shall not be below the rank of a Director-
(i) Education; and
(ii) Finance;
(d) a representative each from the Universities, Polytechnics and Colleges of Education ; and
(e) the Executive Secretary, who shall be the Secretary to the Board of Trustees.
(2) The membership of the Board of Trustees shall reflect the six geo-political zones of the Federation.
(3) The members Board of Trustees shall-
(a) be persons with considerable experience from both the public and private sectors to represent the business, financial and education sectors;
(b) be appointed by the President on the recommendation of the Minister;
(c) other than the ex-officio members, each hold office for a term of 4 years in the first instance and may be eligible for re-appointment for a
further term of 4 years and no more;
(d) be paid such remuneration and allowances as the President may,from time to time, determine.
(4) The Board of Trustees shall meet for the conduct of its ordinary meetings 4 times in a calendar year.
(5) Notwithstanding subsection (4) of this section, the Board of Trustees may meet to conduct such other business as exigency demands.
(6) The supplementary provisions contained in the Schedule to this Act shall have effect with respect to the proceedings of the Board of Trustees and other matters contained therein.