(1) The State Government shall appoint one of the directors, being an officer of the State Government, as managing director who shall hold that office during its pleasure.
(2) The managing director of the Corporation shall-
(a) be its chief executive officer;
(b) be responsible for the operational management of the corporation and implementation of the general policies approved by the Board;
(c) perform such duties as the Board 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 determined by the Board and approved by the State Government.
(3) 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 director who is an officer of the State Government to act in his place during his absence.