(1) There will be one executive director to perform the functions as the administrative head of the fund. The Executive Director will be accountable to the Committee regarding his work.
(2) The Committee shall constitute a select sub-committee consisting of three members of the Committee for the purpose of recommending the appointment of the Executive Director.
(3) The sub-committee formed according to sub-section (2) from among the persons who have obtained at least a master's degree in economics, management, labor, commerce or law and have at least fifteen years of work experience in official positions of governmental or non-governmental organizations or companies or organized organizations established according to prevailing laws. As far as available through open competition, a maximum of three people will be selected and submitted to the committee for appointment.
(4) Among the people selected according to sub-section (3), the committee will appoint the most suitable candidate for the position of executive director after evaluating the qualification, experience, ability to lead and the fund management and operation plan submitted by him.
(5) Notwithstanding anything written elsewhere in this section, until the appointment of the Executive Director, the Ministry may appoint or depute any official of the Government of Nepal to act as the Executive Director.
(6) The term of office of the Executive Director appointed in accordance with sub-section (4) shall be four years and he may be re-appointed for one more term.
(7) Notwithstanding anything contained in sub-section (6), the Committee may remove the Executive Director in the following circumstances:-
(a) If there is a lack of functionality to perform or perform the tasks required to be performed in accordance with this Act,
(b) In case of dishonesty or dishonesty in the operation of the Fund,
(c) failing to act in accordance with the terms, or
(d) If he is unable to work according to the performance agreement or if his level of performance is not satisfactory.
(8) According to sub-section (7), the executive director shall be given a reasonable opportunity to present his explanation before he is dismissed.
(9) Other arrangements regarding the executive director's remuneration, facilities and service conditions shall be as prescribed.