11. (1) The general superintendence, direction and management of the affairs and business of the Corporation shall vest in a Board which shall exercise all such powers and do all such acts and things as may be exercised or done by the Corporation. 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 considerations with due regard to the interests of industry, commerce, depositors, investors and to the public in general.] (3) Until the first Board is appointed under section 12, the Managing Director shall exercise all powers and do all acts and things as may be exercised or done by the Board.