Constitution of the Board

(1) The Board of Directors shall consist of the following persons– (a) the Governor, a Deputy Governor and the Financial Secretary who shall be ex officio members; and (b) not less than three nor more than four other members. (2) The Governor shall be appointed by the Governor- General on the advice of the Prime Minister, and a Deputy Governor shall be appointed by the Minister, for such period not exceeding five years as may be specified in the instruments appointing them, 14 provided that both the Governor and a Deputy Governor shall be eligible for reappointment. (3) The Directors referred to in sub-section (1) (b) shall be appointed by the Minister for such period not exceeding four years as may be specified in the instruments appointing them, provided that any such Director retiring on the expiration of his term of office shall, subject to section 15, be eligible for reappointment. (4) The Minister shall appoint one of the members as the Chairperson of the Board, and the members shall elect one of their number as the Vice-Chairperson of the Board. (5) The Chairperson shall preside at all meetings of the Board at which he is present and in his absence the Vice- Chairperson shall preside at the meetings. (6) If a Director referred to in sub-section (1) (b) suffers from an incapacity which is likely to be prolonged, the Minister may, subject to section 15, appoint a person to act for such Director during the period of incapacity and any person so appointed shall have the full powers of that Director until such time as the Minister determines that the incapacity has ceased.