(1) Subject to a regulation under section 48 (1) (d), the board of directors of the Supervisory Authority is to consist of -
(a) not more than 14 directors (including the chairperson and the deputy chairperson) appointed by the Minister under subsection (2), and
(b) the person holding the office of chief executive officer who, by virtue of that office, is a director,
and the persons appointed as such directors shall be persons who are knowledgeable in areas relevant to statutory audit.
(2) Subject to a regulation under section 48 (1) (d), the directors appointed by the Minister shall include -
(a) 3 persons nominated jointly by agreement among the prescribed accountancy bodies,
(b) 2 persons nominated by the Minister, one of whom -
(i) is neither an officer or employee of the Minister nor a member, officer or employee of a prescribed accountancy body, and
(ii) is appointed as chairperson by the Minister,
and
(c) for each designated body, one person nominated by that body.
(3) Subj