(1) There shall be one executive director to act as the administrative head of the fund.
(2) The Government of Nepal will form a three-member recommendation committee including experts in related fields to make recommendations for the appointment of the Executive Director.
(3) The committee as per sub-section (2) shall open competition from among the persons who have at least twelve years of experience in the field of industry, commerce, trade, public administration, revenue administration, management or law and have at least a master's degree in management, economics, commerce or law from a recognized educational institution. The names of three people will be recommended to the Government of Nepal to be selected and appointed to the post of Executive Director.
(4) The government of Nepal will appoint a suitable person to the position of executive director from among the persons recommended under sub-section (3).
(5) The term of office of the Executive Director shall be four years and if his work is satisfactory, he may be appointed to the post of Executive Director for one more time.
(6) Notwithstanding anything written in sub-section (5), if it is found that the executive director has not fulfilled his official responsibilities or has taken any action against the interest of the fund, the Government of Nepal may remove him from the position of executive director at any time on the recommendation of the committee. But before removing him from the position, he should be given a reasonable opportunity to present his explanation.
(7) The executive director's remuneration, facilities and other conditions of service will be as prescribed.
(8) Notwithstanding anything contained elsewhere in this section, in the event that the Executive Director is not appointed or the Executive Director is suspended, the Ministry may appoint a gazetted first class officer of the Civil Service to act as the Executive Director.