¹[12. (1) There shall be a Managing Director and such of Executive Directors, not less than three and not more than seven, as the Government may determine. (2) The Managing Director and the Executive Directors shall be appointed by the Government on such terms and conditions as may be determined by the Government. (3) The Managing Director and the Executive Directors shall be whole time officers of the Corporation and shall exercise such powers and perform such functions as may be prescribed or as may be assigned to them by the Board from time to time.