(1) The Board shall with the approval of the Minister appoint a fit and proper person to be the Director of the Fund, who shall be the Chief Executive Officer of the Fund and who shall, subject to this Act, and the general direction of the Board, be responsible for the management of the staff of the Board and for the administration of the Fund and in particular—
(a) the assessment of contributions under this Act and for the collection and payment of contributions and other moneys into the Fund;
(b) the payment out of the Fund of the various benefits under this Act, and of the expenditure necessary for the proper administration of the Fund;
(c) accounting for all moneys collected, paid or invested under this Act;
(d) the investment of surplus monies in the Fund as directed by the Board on the advice of the Investment Committee.
(2) The Director may, in relation to any matter or class of matters under this Act, by writing under his or her hand delegate to any employee of the Corporation any of his or her functions under this Act except his or her power of delegation under this section.
(3) Every delegation under this section shall be revocable at any time and shall not prevent the performance by the Director of any such delegated function.