(1) The Authority shall have a board (in this Act referred to as the "Board") established under this Act to perform the functions of the Authority.

(2) The Board shall, in addition to the other functions conferred on it by this Act -

(a) satisfy itself that appropriate systems, procedures and practices are in place for the internal performance management and accountability of the Authority in respect of -

(i) the performance of its functions,

(ii) the achievement of the objectives in the statement of strategy under section 37, and

(iii) the achievement of the performance targets in the annual plan under section 38,

and

(b) establish and implement arrangements for the management of the performance of the chief executive.

(3) The Board shall be accountable to the Minister for the due performance of its functions.