Section 15: Managing Director and Executive Directors

(1) There shall be appointed, for the Corporation, by the President, the following officers, that is
(a) a Managing Director, who shall be the chief executive of the Corporation and be responsible for the day-to-day management of the affairs of the Corporation; and
(b) such number of Executive Directors, not exceeding four, as he may determine who shall perform such duties as may be assigned to them, from time to time, by the Board or 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 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 this section shall hold office for a period of four years and shall be eligible for re-appointment for a further period of four 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.