(1) The Managing Director shall be responsible to the Board for —
(a) the day to day management, administration, direction and control of the business of the Bank excluding matters which are by this Act or by Rules or Regulations made thereunder specially reserved to be done by the Board or the Bank; and
(b) the provision of technical advice and guidance on matters of policy.
(2) The Managing Director shall with the approval of the Board, appoint and employ such officers, inspectors and agents as he or she may deem necessary for the proper carrying out of the functions of the Bank, at such remuneration and on such terms and conditions as determined by the Board.