Managing Director chief executive of Corporation

(1) The Managing Director shall be the principal executive officer of the Corporation. (2) The Board of Directors of the Corporation may appoint, at such remuneration and on such terms and conditions as it may determine, such officers and servants as may be necessary and proper for the efficient management of the business of the Corporation, and may require any officer and servant so appointed to give such security as may be considered proper for the due execution of his duties.