(1) The Fund shall be governed by the Regulated Substances Fund Board.
(2) The Board consists of no less than 5 members and no more than 7 members to be appointed by Cabinet as follows —
(a) the Permanent Secretary of the Ministry who is the Chairperson;
(b) the Director of Finance;
(c) the Chief Executive Officer;
(d) a representative of the private sector;
(e) a person with expertise in finance, economics or other related field.
(3) Cabinet shall appoint one member of the Board to be the Deputy Chairperson.
(4) The Board shall —
(a) manage the monies and business of the Fund;
(b) ensure that monies are used for the purpose for which it was granted;
(c) do all things necessary or incidental to the effective performance of the functions of the Fund.
(5) The appointment of a member of the Board under subsection (2)(d) and (e) is for a term of 3 years.
(6) Cabinet may, on the recommendation of the Minister, designate a Secretary to the Board and determine the remuneration to be paid to a member of the Board.