Article (9)

FED LAW 6/2007 Effective from 15/2/2007

_{This article has been cancelled pursuant to the Decretal Federal Law No. (24) of 2020. To see previous versions, click on the version boxes below.}

Version 2_{(effective from 10/10/2012 to 02/01/2021)}

The Authority shall have a board of directors composed of a chairman and a number of directors to be appointed under a Cabinet resolution. The nominees for the Board membership must not have any type of conflict of interest in their membership, throughout the membership term. The resolution to form the Board shall determine the number, remuneration and term of office of the directors.

In its first meeting, the Board shall elect from its members a Vice Chairman to substitute the Chairman in the event of his absence or if the Chairman is incapacitated

Version 1_{(effective from 15/02/2007 to 10/10/2012)}

The Authority shall have a board of directors composed under the chairmanship of the Minister of ten members of the experienced and specialized individuals designated on basis of a presentation by the Minister as follows:

Two members from the Ministry to be nominated by the Minister
One member from the Ministry of Finance & Industry to be nominated by the Minister of Finance & Industry
One member from UAE Central Bank to be nominated by the Governor.
One member from the Federation of the Chambers of Commerce & Industry to be nominated by the President of the Federation.
Five members to be nominated by the Minister out of the specialist in the sectors of finance, economy and insurance, provided they include among them one member from Emirates Insurance Association (EIA).

The Cabinet shall issue a resolution to form the Board, determine remunerations of its members, and indicate duration of membership. The Chairman shall select a deputy therefor out of the Board's members