(1) The fund shall have an executive committee consisting of the following chairman and director:-
(a) A person appointed by the Government of Nepal from among the people with special knowledge and experience in matters related to banking, insurance or capital market - Chairman
(b) Government of Nepal, Ministry of Finance Gazetted First Class Officer - Director (c) Administrator of National Insurance Institute - Director
(d) General Manager - Director of Nepal Stock Exchange Limited (d) One person elected or nominated by such institutions from among other banks and financial institutions - Director (f) One person elected from among the general shareholders - Director
(g) One expert appointed by the Government of Nepal, the Ministry of Finance from among the people with special knowledge and experience in banking, insurance or capital market-related matters. (2) According to sub-section (1), when forming the committee, at least one woman should be represented.
(3) The term of office of the chairman and the directors of the Basojim in clauses (f) and (g) of sub-section (1) shall be three years. They can be reappointed or elected.
(4) Notwithstanding anything contained in sub-section (3), the director who is in office at the commencement of this sub-section may remain in office for the period in which he was nominated or elected.
(5) Notwithstanding anything contained elsewhere in this section, sub-section (1): of clause (a) and; According to (g), the operator can be removed from the position at any time. However, before removing such operator from the position, he should be given a reasonable opportunity to submit an explanation.
(6) If the post of the first director becomes vacant after the term of office as per sub-section (3) has not been completed, the post for the remaining period shall be filled by the same process as previously filled.
(7) Regardless of what is written elsewhere in this section, in the case of any change in the share capital of the fund in accordance with section 5, the Government of Nepal may, by publishing a notice in the Nepal Gazette, change the number of directors from among the shareholders to seven as necessary.
(8) The authorized employee of the fund appointed by the committee shall act as the secretary of the fund.