– (1) The committee will appoint an executive director on the basis of open competition from among the people who have at least seven years of experience in the field of economic development or poverty alleviation with a master's degree in economics, management or sociology to manage the day-to-day operations of the fund.
(2) Notwithstanding anything written in sub-section (1), the committee may appoint any person who meets the qualifications as per sub-section (1) to the post of executive director for a maximum period of 6 months until the post of executive director is filled.
(3) The term of office of the Executive Director shall be five years (4) The arrangements regarding the executive director's remuneration, service conditions and facilities shall be as prescribed.
(5) Notwithstanding anything written in sub-section (3), if the executive director commits any act causing loss to the fund or if the charge of corruption is proved or if he acts contrary to the policy instructions of the committee, the committee may remove him from the position of executive director by following the prescribed procedure.