(1) Subject to a regulation under section 943(1)(c) and to section 901(2), the board of directors of the Supervisory Authority is, on and from the commencement of this section, to consist of -

(a) not more than 8 directors (including the chairperson and the deputy chairperson) appointed by the Minister under subsection (2), and

(b) the person holding the office of chief executive officer who, by virtue of that office, is a director.

(2) Subject to  subsections (2A), (2B) and (2C) and a regulation under section 943(1)(c), the directors appointed by the Minister shall, on and from the commencement of this section, include -

(a) subject to paragraphs (b) and (c), 2 persons, each of whom is nominated by the prescribed accountancy bodies by a decision taken by a majority of those bodies,