(1) The Board shall, with the approval of the Minister, appoint a suitably qualified person to be the Managing Director of the Corporation at such salary and upon such terms and conditions of service as it may determine.
(2) Subject to section 4, the Managing Director shall be the chief executive officer of the Corporation and shall be present at all meetings of the Board unless he or she has obtained leave of absence from the chairperson or is incapacitated by illness or other cause from attending such meetings.
(3) In the event of the absence of the Managing Director, the Board may, by instrument in writing and after consultation with the Minister, appoint any person to act as Managing Director during the period of such absence upon such terms and conditions as it may determine.
(4) The person so appointed as Managing Director under subsection (3) may exercise all the powers and perform all the duties of the Managing Director or as many of such powers and duties as may be specified in the instrument of appointment.