Article 3
The Board shall consist of eleven persons appointed by the Governor, whose period of membership shall be for a three year renewable period:
1) two representatives of the CBB, one of whom shall be Chairman and the other the Deputy Chairman of the Board;
2) four representatives of retail banks in the Kingdom, who shall be appointed by the Governor;
3) two representatives of Government, the first representing the Ministry of Finance, the second representing the Ministry of Industry & Commerce, both of whom shall be nominated by their respective Ministers; and
4) three independent persons, not from the above categories, appointed by the Governor.
The Board shall administer the two Funds established in accordance with Article 13 of this Regulation, and shall be responsible for all decision-making and accounting treatment in respect of the two Funds. No liability shall be assumed by the CBB resulting from the management of the Board of the two Funds.