9. The Managing Director shall be appointed by the Government and shall - ¹[* * *] (b) perform such duties as the Board may by regulations assign to him; (c) divest himself of any directorship in any other corporation, company or concern; (d) hold office, unless removed earlier by the Government, for a term of three years and shall be eligible for re-appointment for a further term or terms: Provided that any such further term may be for such period not exceeding three years as the Government may determine; and (e) be entitled to receive such salary and allowances as the Government may determine.