(1) The board of HBFI shall consist of at least 3 and not more than 7 directors (including its chairperson), each of whom shall be appointed by the Minister.
(2) The Minister shall appoint one of the directors of HBFI to be its chairperson.
(3) An appointment to the board and the appointment of a company secretary of HBFI shall each be subject to such terms and conditions as are set out in the constitution of HBFI.