Appointment and term of Office of Managing Director and conditions of

service of nominated Director, — (1) The Managing Director of the Corporation shall be appointed by the Govemment and shall have such qualifications as may be prescribed.

1. (2) The Managing Director of the Corporation shall hold office for such term as the Government may specify in this behalf.
2. (3) The Directors shall be entitled to draw such allowances as may be prescribed for the purpose of attending the meetings of the Corporation or of any committee thereof or in doing or for performing such work or functions of the Corporation which may be specifically entrusted to them by the Corporation or by any committee thereof, as may be prescribed.