Section 203. Governing Board of insolvency professional agency. –

The Board may, for the purposes of ensuring that every insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regulations to specify–

• (a) the setting up of a governing board of an insolvency professional agency;
• (b) the minimum number of independent members to be on the governing board of the insolvency professional agency; and
• (c) the number of the insolvency professionals being its members who shall be on the governing board of the insolvency professional agency.