Law of Small and Medium Enterprises Bank

1. The Bank shall have a board of directors comprising the following: a) A chairman named pursuant to a decision by the Chairman of the NDF’s Board of Directors. b) Five members nominated by the Chairman whose qualifications or experience is relevant to the Bank’s activities. The appointment of said members and the renewal of their membership shall be made pursuant to a decision by the Chairman of the NDF’s Board of Directors. The term of Board membership shall be three years, renewable once for a similar period. 2. The Board shall elect a vice-chairman in its first meeting. 3. The NDF's Board of Directors shall set controls for appointing Board members and renewing their membership.