(1) The Fund shall have one Board of Directors consisting of at least Seven directors:
(2) The Board as referred to in Sub-section (1) shall have the following directors:
(a) Person appointed by the Government of Nepal -Chairperson
(b) Three persons nominated by the Government of Nepal from various
services of the Government of Nepal -Director
(c) Two persons nominated by the Government of Nepal from amongst  banks, financial institutions and other corporate bodies -Director
(d) The Administrator of the Fund -Director
(3) In nominating directors pursuant to Clauses (b) and (c) of Subsection (2),  the Government of Nepal shall nominate such directors by turn from amongst various services of the Government of Nepal, banks, financial institutions and various bodies corporate.
(4) The tenure of the directors other than the administrator shall be Three years, and upon the expiration of their tenure, they may be reappointed or re- nominated for one more term.
(5) If the office of any director falls vacant prior to the completion of the tenure, the vacancy shall be filled for the remainder of term in accordance with the same process as was followed in the filling of the office previously.
(6) Notwithstanding anything contained elsewhere in this Section, the Government of Nepal may, at any time, alter the directors elected or nominated pursuant to Sub-section (2).
(7) The meeting allowance to which directors are entitled for taking part in the meeting of the Board shall be as specified by the Government of Nepal.
(8) An officer employee of the Fund shall act as the secretary of the Board.