(1) A bank or financial institution shall have a board of directors consisting of at least five and at most seven directors. (2) The appointment of directors shall be made by the general meeting of the bank or financial institution subject to this Act and regulations. The director will be appointed by the founder for the period until the annual general meeting. (b) If the position of a director becomes vacant before the annual general meeting, the director can be appointed by the board of directors until the next annual general meeting. Proportionate directors may be nominated and during such nomination, the same person cannot be nominated in more than one bank or financial institution. (3) The Board of Directors shall appoint at least one independent director from among the qualified and experienced persons as per Section 17 and shall inform about it in the first general meeting held after such appointment. or a shareholder holding more than 0.1 percent of shares and his family shall not be allowed to be independent directors. (4) Notwithstanding anything written in sub-sections (1) and (3), more than one person from one family shall not be allowed to be director at a time in a bank or financial institution. (5) The person chosen by the directors from the majority among themselves will be the chairman of the board of directors. (6) When a company, organized organization, foreign bank or financial institution that owns shares of a bank or financial institution appoints a director in proportion to the shares held by the director, an alternate director can act in addition to the director in his absence. can also be appointed.