¹[14. ²[(1) There shall be a Managing Director of the Bank who shall be appointed by the Board with the prior approval of Bangladesh Bank from the panel of the three candidates as recommended by the Selection Committee in accordance with the provisions of sub-sections (2) and (3).(2) The Chairman in consultation with the Board shall constitute a Selection Committee of not less than three and not more than five members for the purpose of selecting a candidate for appointment as Managing Director.(3) The Selection Committee shall recommend a panel of three candidates for appointment as Managing Director and preference shall be given to persons having knowledge and experience in rural economy and finance or in the field of microfinance.] (4) The Managing Director shall be the whole-time officer and the chief executive of the Bank and shall serve under the Bank on such terms and conditions as may be prescribed by regulations. (5) If a vacancy occurs in the office of the Managing Director or if the Managing Director is unable to discharge the functions of his office on account of absence, illness or any other cause, such officer of the Bank as may be prescribed by regulations shall discharge the functions of the Managing Director until a new Managing Director appointed to fill such vacancy enters upon his office or until the Managing Director resumes the functions of his office, as the case may be.]