Terms of pay and allowances of the Chairman and the Managing Director

(1) Chairman and the Managing Director shall be paid such salary and allowances as may be fixed by the Government; Provided in the event of non-official person being appointed as Chairman, he shall be part time officer and his chief function shall be to preside over meeting of the Board. The hire-purchase price or sale lease hold or the disposal price, as the case may be shall be such price as may be determined by the Board or as arrived at by auction in cases prescribed hereinafter.