{1) The management and administration of the Corporation and its affairs shall vest in the Board which may exercise all powers and do all acts which may be necessary for the purposes of this Act.
(2) The Board in discharge of its functions shall act after considering welfare of the public and commercial aspects and shall follow such directions as the Government may - 5 - give from time to time.
(3) If the Board fails to obey any directions mentioned in sub-section (2) or if the Board, its Managing Director or any Director contravenes the provisions of this Act or of the rules or regulations made thereunder or if the Managing Director or any Director is found guilty of misconduct, Government may remove all or any of the Directors or the Managing Director, as the case may be, and notwithstanding anything to the contrary contained in sections 5 and 6, appoint temporarily other persons in their place to be the Directors or the Managing Director, as the ease may be, until new Directors are appointed in accordance with the provisions of section 5 or a new Managing Director is appointed in accordance with the provisions of section 6; provided that only the provisions of clauses (a),
(b), (d) and (e) of sub-section (2) of section 6 shall apply to the person appointed temporarily under this sub-section to be the Managing Director.
(4) The Government may suspend the execution of any resolution or order of the Board as in the opinion of Government contravenes the provisions of this Act, the Rules and Regulations framed under this Act, or the directions mentioned in sub-section (2), or prohibit the doing of any act which is to be done or is being done in pursuance of such resolution or order, or if the act has been accomplished, order its rectification in such manner as may be directed.