9. (1) The board of the SBCI shall consist of not more than 9 directors (including its chairperson).

(2) Subject to subsection (3) , the directors (other than the chairperson) shall be appointed by the SBCI.

(3) The first directors shall be appointed by the Minister on the formation and registration of the SBCI.

(4) The terms and conditions of appointment to the board and appointment of a company secretary of the SBCI shall be as set out in the memorandum and articles of association of the SBCI.

(5) The Minister shall appoint one of the directors of the board to be its chairperson.