Section 13: Appointment, tenure, responsibilities of the Managing Director.

(1) There is for the Fund, a Managing Director who shall be appointed by the President.
(2) The Managing Director-
(a) shall hold office for five years on such terms, conditions and remuneration as may be approved by the President on the recommendation of the Board;
(b) may be reappointed for a further term of five years and no more; and
(c) is responsible to the Board in performing his functions and implementing the strategic plans and objectives of the Fund.
(3) The Managing Director is the chief executive officer of the Fund and responsible for-
(a) the execution of the policy and administration of the Fund;
(b) the direction, supervision, and control of all other employees of the Fund;
(c) subject to such restrictions as the Board may impose, disposing of all questions relating to the service of the employees, their pay, allowances, and privileges; and
(d) matters concerning the accounts and records of the Fund.
(4) The functions of the Managing Director shall be performed during his absence by one of the Executive Directors designated by the Board for that purpose.