(1) The Board shall, after consultation with the Minister, appoint —
(a) a person to be the Managing Director of the Bank;
(b) a person to be the Chief Financial Officer of the Bank;
at such remuneration and on such terms and conditions as it may determine.
(2) The Board may appoint a Deputy Manager, an internal auditor and a Secretary, at such remuneration and on such terms and conditions as it may determine.
(3) In the event of the absence of both the Managing Director and Deputy Manager, the Board may appoint any person to act as Managing Director upon such terms and conditions as it may determine and any person so appointed may exercise all the powers and duties pertaining to the office of Managing Director under this Act.
(4) The Board may, on the recommendation of the Managing Director, appoint on such terms and conditions as it thinks fit, such officers and employees as may be required for the due and efficient performance by the Bank of its functions under this Act.