Section 13: Managing Director of the Corporation

(1) There shall be an employee of the Corporation, who shall be the chief executive of the Corporation and shall be responsible for the day-to-day management of the affairs of the Corporation.
(2) The Managing Director shall be appointed by the President on the recommendation of the Minister
(3) Any person appointed as the Managing Director shall not, while he is the holder of that office, be the holder of the office of a director in any bank, corporation, company or any other concern except with the approval of the Minister.