Section 2: Redesignation of chief executive and minor modification of the boards of corporations affected

(1) The chief executive of each corporation, by whatever name heretofore called, shall on the making of this Act, be known and referred to as the managing director of that corporation.
(2) The managing director of a corporation affected shall be the chief executive of the corporation and shall be responsible to the board for the implementation of the policy decisions of the board and for the day-to-day running of the affairs of the corporation affected.
(3) The managing director shall be a member, but not the chairman, of the corporation and shall have full power to take part as a member of the board in the deliberations of the board of that corporation, shall count towards the quorum and shall have a vote with respect to anything falling to be decided by vote at any meeting of the board.
(4)
The managing director shall be appointed by the President for a term of four years in the first instance and renewable for one further period of four years only:
Provided that for the purposes of this subsection, the number of years during which any person who, at the date of the making of this Act, was the managing director of a corporation affected had held such office, shall be taken into account in computing his total number of years in such office.