Section 4: Managing Director and other officers and servants of the Bank

(1) There shall be an official of the Bank who shall be called the managing director and who shall be the chief executive of the Bank responsible for the day-to-day management and operations of the Bank.
(2) The managing director shall, subject to subsection (3) of this section, be appointed by the Board with the approval of the Minister on such terms and conditions as the Minister may deem fit.
(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 other bank, corporation, company or any other concern, except with the approval of the Minister.
(4) The Board may, subject to the provisions of this Act appoint such other persons to be officers and servants of the Bank as may appear to it to be expedient and necessary for the efficient management of the business of the Bank.