Section 9: Managing Director and Executive Directors of the Mortgage Bank

(1) There shall be appointed for the Mortgage Bank, by the President, the following officers, that is-
(a) a Managing Director, who shall be the Chief Executive of the Mortgage Bank and be responsible for the day-to-day management of the affairs of the Mortgage Bank; and
(b) such number of Executive Directors, not exceeding two, as he may determine who shall perform such duties as may be assigned to them, from time to time, by the Board or the Managing Director.
(2) A person appointed as the Managing Director or an Executive Director shall not, while holding that office, qualify to hold any office as a Director in any other bank, corporation, company or any other establishment without the approval of the Board.
(3) The Managing Director and Executive Directors appointed pursuant to the provisions of subsection (1) of this section shall hold office for a period of five years and may be re-appointed for a further period of five years.
(4) Subject to subsection (3) of this section, the Managing Director and Executive Directors shall each hold office on such terms and conditions as may be specified in their letters of appointment.