(1) Apart from the work done by the general meeting of the organization, all the work, duties and rights to be done by the organization under this Act, existing laws, memorandum and regulations regarding payment, clearing and settlement from the bank shall be vested in the board of directors.
(2) It shall be the duty of the Board of Directors of the concerned organization to manage the overall risk of the organization and maintain institutional governance in the interest of the service users.
(3) Other functions, duties and rights of the Board of Directors shall be as follows:-
(a) To carry out the work to be done by the organization in an orderly manner, to make and implement the necessary regulations, guidelines and procedures subject to this Act, prevailing laws and the instructions of the bank,
(b) To approve the organizational structure of the organization,
(c)     To prepare and implement internal control system and risk management standards to prevent risks or risky situations from occurring while operating the payment system or providing payment services,
(D) To conduct the organization in a systematic manner by regularly monitoring all the activities to be done by the organization, (e) Prepare the audit report along with the annual report and submit it to the annual general meeting of the organization (f) To perform other tasks as specified by the Bank from time to time.
(4) The director acting as a director of the organization shall be personally liable for any action that exceeds his jurisdiction.
(5) Other functions, duties and rights of the board of directors and the procedures and other arrangements related to the meeting shall be as mentioned in the charter and regulations of the organization.