(Board of Directors)
The Bank shall have a Board of Directors consisting of eleven to fifteen directors to be nominated by the Executive Yuan and appointed by the President. A Board of Executive Directors composed of five to seven executive directors shall be designated among the directors.
The Governor of the Bank, the Minister of Finance and the Minister of Economic Affairs shall be ex officio directors and executive directors. Among the directors, there shall be at least one each from the agricultural, the industrial and commercial, and the banking sectors.
Except for the ex officio directors, the directors shall be appointed for a term of five years, and may be reappointed upon the expiration of such term.
(Powers and Functions of the Board of Directors)
The powers and functions of the Board of Directors shall be as follows:
1.To examine and approve policies concerning money, credit and foreign exchange;
2.To examine the adjustment of the Bank's capital;
3.To approve the operation plans of the Bank;
4.To examine the budget estimate and financial statements of the Bank;
5.To examine and approve major by-laws and regulations of the Bank;
6.To examine or approve the establishment, adjustment and dissolution of the Bank's administrative units, branch offices, representative offices and subsidiary institutions;
7.To approve the appointment and the removal of the heads of the Bank's administrative units, branch offices, representative offices and subsidiary institutions;
8.To examine matters proposed by the Directors.
The Board of Directors may delegate all or part of the above powers and functions to the Board of Executive Directors. The resolution of the Board of Executive Directors shall be reported to the Board of Directors for record and approval.
The Board of Directors shall establish rules and regulations of board meetings. Such rules and regulations shall be reported to the Executive Yuan for record.