47. (1) The Board (M) is the governing body of the MARA with authority, in the name of the MARA, to perform the functions of the MARA.

(2) The Board (M) shall—

(a) ensure that the functions of the MARA are performed efficiently, effectively and to the highest standards,

(b) set the objectives of the MARA consistent with those functions and the statement of strategy,

(c) ensure that appropriate systems and procedures are in place to perform those functions and achieve those objectives,

(d) design a comprehensive framework for the setting of levies under Chapter 7 of Part 4 , and

(e) advise and make recommendations to the Minister in relation to policies of the Government or a Minister of the Government affecting the functions of the MARA.

(3) In performing its functions, the Board (M) shall act in good faith with care, skill and diligence.

(4) The Board (M) may delegate to the chief executive officer any of its functions which it considers should be carried out by the chief executive officer and the Board (M) shall be responsible for monitoring, approving or reviewing the performance of such functions by the chief executive officer.

(5) Where a function of the Board (M) is delegated to the chief executive officer, the delegation shall remain in force until the Board (M) revokes it.

(6) The Board (M) shall submit such information regarding the performance of its functions as may be requested in writing by the Minister.

(7) Subject to this Part, the Board (M) may regulate its own procedure.