The board further intend to file an urgent application at the high court to remove the member with immediate effect.
Furthermore, the police's commercial crimes unit has applied for a section 205 for FNB to furnish it with information relating to the transfers and, more particularly, who made the payments and which account numbers the payments were made to.
"At this stage the prosecutor cannot officially issue charges against [the member] due to the pending FNB file that will demonstrate the extent of the cases," the minutes read.
FNB chief executive Lee-Anne van Zyl said in a statement: "FNB can confirm that it continues to co-operate fully with the ongoing investigation by providing the relevant records.
"Furthermore, the bank has met with the representatives of the Living Legends Legacy Project to assure them of our ongoing co-operation.
"Due to client confidentiality and the pending investigation, FNB is unable to provide any further details on the matter."
Department of arts and culture spokesperson Asanda Magaqa said: "...FNB must be held accountable. There is already [a] prima facie case of negligence on FNB's part of how a trust account governed by stringent bank regulations can have funds siphoned [off] from it without the authorisation of all signatories."