(1) There shall be a Board of the Bank in which the powers, duties and functions of the Bank shall be vested and which shall, subject to the provisions of this Act, be responsible for the policy, internal controls, risk management and general administration of the Bank. [Subsec (1) substituted by sec 3 of Act 11 of 2004.] (2) The Board shall consist of the following persons who shall, subject to the Namibian Constitution and the provisions of this Act, be appointed by the President, namely: (a) The Governor; (b) the Deputy Governor; (c) the Permanent Secretary: Finance; (d) one staff member from the Public Service, who shall be appointed on the recommendation of the Minister; and (e) four other persons, who shall be appointed after consultation with the Minister. (3) Whenever the Public Service Commission is required to make its recommendation to the President for the appointment of a Governor or Deputy Governor under Article 32(4)(b) (bb) of the Namibian Constitution, such recommendation shall be made only after consultation with the Minister. (4) The Governor and Deputy Governor shall be appointed from among persons who have the necessary qualifications and professional experience for the office of Governor or Deputy Governor, as the case may be, and the members referred to in paragraphs (d) and (e) of subsection (2) shall be appointed from among persons of recognised standing and proven experience in business, professional or academic matters. (5) The appointment of a member of the Board shall be announced by the President by Proclamation in the Gazette. [NAMa15y1997s5]5 Tenure of office, conditions of service and remuneration of members (1) Subject to section 7, the Governor and Deputy Governor shall be appointed for a fixed term of five years, but shall on the expiration of that term be eligible for reappointment. [Subsec (1) substituted by sec 4(a) of Act 11 of 2004.] (1A) The terms and conditions of service of the Governor and the Deputy Governor, and their remunerations and allowances which shall be paid from the funds of the Bank, shall be determined in accordance with the following provisions(a) upon appointment, the initial terms and conditions of service and the starting remunerations and allowances of the Governor and the Deputy Governor shall be determined by the President on recommendation of the Minister after consultation with the Board; (b) all subsequent changes and adjustments in the terms and conditions of service and the remunerations and allowance of the Governor and the Deputy Governor, after any determination contemplated in paragraph (a), shall be determined by the Board in consultation with the Minister; and (c) the Governor and the Deputy Governor must not be present during any deliberations of the Board, or take part in any decision of the Board, relating to the determination of the terms and conditions of service or remuneration or allowances of the Governor or Deputy Governor. [Subsec (1A) inserted by sec 4(b) of Act 11 of 2004.] (2) Subject to section 7, a member referred to in paragraph (d) or (e) of subsection (2) of section 4 shall be appointed for a term of five years, but shall on the expiration of that term be eligible for reappointment. (3) The members referred to in paragraph (e) of subsection (2) of section 4 who are not in the full-time employment of the State, shall be paid out of the funds of the Bank such remuneration and allowances as the Minister, in consultation with the Board, may determine. [NAMa15y1997s6]6 Termination of appointment and vacation of office of member