(1) The Managing Director shall be appointed by the Government.
(2) The Managing Director shall,— (a) be a whole time officer of the Corporation;
(b) perform such duties and functions as may be specified or as may be assigned to him;
(c) hold office for a term of three years from the date of his appointment and shall remain in office thereafter for three months or until a successor in that office is appointed, whichever is earlier;
(d) receive such salary and allowances as may be prescribed;
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(e) divest himself of any directorship of, or other interest held by him in, any other Corporation, Company or concern; and
(f) not become a Director of, or acquire any share or other interest in any other Corporation, Company or concern during his term of office:
Provided that nothing in this section shall prevent the Managing Director from holding shares in any public company acquired by him before this appointment but he shall declare such shares to the Government at the time of his appointment:
Provided further that the Government may, in exceptional circumstances, where it considers necessary to do so, exempt by a special order any person who has been appointed or is about to be appointed as Managing Director from the application of this section.
(2) Nothing in this section shall preclude the Government from extending the term of office of a Managing Director for such period as the Government may determine.