Along with statutory law, BIFSA is also governed by its Constitution. The BIFSA Constitution, which was adopted by the Membership, provides for the various rules of the association including the election of the Management Committee, which shall be responsible for the management of the business of the Association.

The Management Committee consists of eight persons, being the President, Vice President, Secretary and Treasurer of the Association along with four other persons, all of which must be members of the Association. The nomination, voting on and election of the Management Committee must be done on an annual basis by the members of the Association.