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(1) There is established by this Act a Board of Trustees for the Fund comprising the following members:

(a) a chairman;

(b) one representative of the Ministry of Finance not below the rank of a Director;

(c) one representative of religious bodies;

(d) the Executive Secretary of the Revenue Agencies (Governing) Board;

(e) the Administrator of the Fund;

(f) one representative of the Ministry of Education not below the rank of a Director;

(g) one representative of the National Council on Tertiary Education;

(h) three representatives of the established financial institutions one of whom shall be a woman;

(i) one representative of the Universities and Polytechnics in rotation;

(j) one representative of the Ghana National Association of Teachers;

(k) one representative of the National Union of Ghana Students and Ghana National Union of Polytechnic   Students in rotation;

(l) one representative of the Association of Ghana Industries;

(m) one other person who is a woman nominated by the National Council on Women and Development;

(n) one representative of the Ghana Employers Association; and

(o) one representative of the Ghana Education Service Council.

(2) The members of the Board of Trustees shall be appointed by the President acting in consultation with the Council of State.

(3) The President shall in appointing the chairman and the other members of the Board under subsection (1) have regard to the integrity, knowledge, expertise and experience of the persons and in particular their knowledge in matters relevant to the functions of the Board.

(4) The Board of Trustees shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.

(5) The Board may

(a) enter into contract;

(b) acquire, purchase and hold movable and immovable property; and

(c) convey, assign and transfer any movable or immovable property or any interest in property vested in it.