Section 25, Act, 2002 (Act No 12 0f 2002);

(1) The Company shall have a Managing-Director whoshall be the administrative head of the company appointed by the President, subject to the approval of Parliament. (2) The Managing Director shall be a person with- (a) formal qualification in any profession relevant or appropriate to the functions of the company; and (b) proven ability in public administration, business or financial management (3) The Managing Director of the Company appointed under Sub-Section (1) shall hold office for a term of 5 years on such terms and conditions as shall be specified in his letter of appointment and shall be eligible for re-appointment for another term of 3 years only.