Section 2: Board of directors

(1) The governing body of the Corporation shall be a board of directors (in this Act referred to as "the Board") which, subject to this Act, shall consist of not less than seven or more than nine directors of whom one director shall be appointed chairman and one other director shall be the managing director appointed under section 21 of this Act, but in no circumstances shall the position of chairman be held by the managing director.
(2) The chairman shall be appointed by the President.
(3) All members of the Board, except the managing director, but including the chairman, shall be appointed to serve as part -time members.
(4)
The Board shall be responsible for the determination of the overall policy of the Corporation, and in particular with regard to the financial, economic and operational programmes of the Corporation, and for ensuring the implementation of such policy; but the Board shall not, in implementing such policy, have or exercise any of the executive functions of the Corporation vested in the managing director pursuant to section 21 of this Act.