6. (1) The Managing Director shall be appointed by the Government for such period and on such salary and terms and conditions of service as the Government may determine. (2) The Managing Director shall be the Chief Executive Officer and shall, on behalf of the Board, direct and control the whole affairs of the Corporation. ¹[(3) The Managing Director may sanction, in respect of each house or a unit thereof, loans not exceeding such ceiling as the Government may, from time to time, fix in this behalf and shall place before the meeting of the Board a list of all loans sanctioned by him for information.] (4) The Managing Director shall have authority to cancel, sanction and reduce the sanctioned amount and recall loans under Article 25. (5) In the matters not specifically required by this Order or by rules or regulations made thereunder to be done by the Board, the Managing Director shall in relation to such matter have authority to conduct the business, control functions and manage the affairs.