(1) Managing director shall be a whole time officer of the Corporation and shall-
(a) be the Chief Executive Officer of the corporation.
(b) be responsible for the operational management of the Corporation and implementation of the general policy approved by the Corporation;
(c) perform such duties as the Corporation may, by regulations or otherwise, assign to him;
(d) receive such salary and allowances and be governed by such terms and conditions of service as may be approved by the State Government in consultation with the Corporation:
(2) If the managing director is by infirmity or otherwise rendered incapable of carrying out his duties or is absent on leave or otherwise in circumstances not involving the vacation of his appointment, the State Government may appoint another person to act in his place during his absence.
Officers and other employees of Corporation.