Section 5: Managing Director.

(1) There shall be appointed for the Agency a Managing Director, who shall be the chief executive of the Agency.
(2) The Managing Director shall be appointed by the President on the recommendation of the Minister.
(3)
The Managing Director shall be responsible for the execution of the policies and objects of the Agency and shall see to the day-to-day running of the affairs of the Agency and carry out such other duties as may be directed, from time to time, by the Board.
[1992 No. 87.]
(4) The Managing Director shall hold and vacate office in accordance with the terms of the instrument by which he is appointed and shall-
(a) receive such remuneration and allowances; and
(b) be eligible to receive such pension, gratuity or other retiring allowances (if any), as may be determined by the Board with the approval of the Minister.