(1) There shall be a Board of Directors of the Bank which, subject to the provisions of this Act, shall be responsible for the policy and general administration of the affairs of the Bank.
(2) Subject to section 11, where the Government of Saint Lucia owns 100% of the issued shares of the Bank, the Board shall comprise —
(a) one representative from the Ministry of Finance;
(b) one representative from the private sector;
(c) the Managing Director of the National Insurance Corporation or his or her alternate;
(d) one representative nominated by the Minister from a Ministry other than the Ministry responsible for Finance including, from a productive sector such as, but without limitation to the Ministry responsible for Agriculture, Industry, Tourism or Trade;
(e) the Managing Director of the Bank; and
(f) such other individuals as may be appointed by the Minister including a representative from the labour and trade union sector;
but not more than 6 representatives shall be nominated under paragraph (f).
(3) Of the individuals appointed under subsection (2), not more than 4 shall be in the employment of the Government, Government agencies or statutory corporations.
(4) Subject to section 11, where the Government owns less than 100% of the issued shares of the Bank, the other shareholders shall be entitled to appoint one director for each block of shares equivalent to 10% of the total shares issued and the total number of directors appointed by the Government shall be reduced by a similar amount.
(5) The directors shall be paid such remuneration as shall be determined by the Board with the approval of Cabinet.