7. (1) Subject to rules made under this Order, the general direction and administration of the affairs and business of the Sangstha shall vest in a Board of Directors which may exercise all such powers and do all such acts and things as may be exercised or done by the Sangstha. ¹[(2) Subject to the general policy guidelines as may be given by the Government from time to time, the Board, in discharging its functions, shall act on commercial and banking considerations with due regard to the interests of industry and commerce and to the public interest generally.] (3) Until the first Board is appointed under Article 8, the Managing Director appointed under the said Article shall exercise all powers, do all acts and things as may be exercised or done by the Board.