(1) The Government shall, by notification in the Official Gazette, constitute, with effect from such date as may be specified therein, a Board to be known as the Board of Trustees of the Seamen's Provident Fund which shall be a body corporate having perpetual succession and a common seal and may, by that name, sue and be sued.
(2) The head office of the Board shall be in Bombay or at such other place as the Government may, by notification in the Official Gazette, specify.
(3) The Board shall consist of--
(a) a Chairman to be appointed by the Government;
(b) not more than three persons appointed by the Government from amongst its officials;
(c) three persons representing employers, to be appointed by the Government after consultation with such organisation or organisations of employers as may be recognised by the Government in this behalf;
(d) three persons representing seamen, to be appointed by the Government after consultation with such organisation or organisations of seamen as may be recognised by the Government in this behalf.
(4) The terms and conditions subject to which a member of the Board may be appointed and the time, place and procedure of the meetings of the Board, including the quorum, shall be such as may be provided for in the Scheme.
(5) The Board shall administer the Fund vested in it in such manner as may be specified in the Scheme.
(6) The Board shall perform such other functions as it may be required to perform by or under any provision of the Scheme.