Section 10: Managing director and executive directors of the Authority

(1) There shall be, for the Authority, a managing director to be appointed by the President.
(2) The managing director-
(a) shall hold office for a period of five years, on such terms and conditions, as may be specified in his letter of appointment; and
(b) may be reappointed for a further period of five years.
(3) The managing director shall be the chief executive of the Authority and be responsible-
(a) for the execution of the policy and the day-to-day administration of the Authority;
(b) for the direction, supervision and control of all other employees of the Authority and, subject to such restrictions as the Board may impose, for disposing of all questions relating to the service of the employees, their pay, allowances and privileges;
(c) for matters concerning the accounts and records of the Authority.
(4) The President shall appoint for the Authority, three executive directors to assist the managing director in the performance of his functions under this Act.
(5) An executive director-
(a) shall hold office for a period of four years, on such terms and conditions as may be specified in his letter of appointment;
(b) may be reappointed for a further period of three years; and
(c) perform such functions as may, from time to time, be assigned to him by the managing director and the Board.