(1) The board of directors shall appoint an executive head to manage the bank or financial institution subject to this act, charter and regulations. (2) The tenure of the executive head shall be four years at most and he may be re-appointed for another term. (3) The provision written in sub-section (2) shall be applicable only after the commencement of this Act. (4) Notwithstanding anything written in sub-section (2), if the performance of the executive head is not satisfactory, the board of directors may remove him from his position at any time. (5) When appointing the executive head, appoint a person with the following qualifications and experience and inform the National Bank within seven days of such appointment:- (a) Management, banking, financial, monetary, economics, commerce, accounting , with a Master's Degree in Statistics, Accountancy, Mathematics, Business Administration or Law, (b) with a Chartered Accountancy or Bachelor's Degree in Management, Banking, Finance, Monetary, Economics, Commerce, Statistics, Accountancy, Mathematics, Business Administration or Law At least ten years of work experience in the banking and financial sector, government agencies, organized organizations, universities or international associations or organizations that perform such work at the official level or above, but in the case of the executive head of a 'D' category financial institution, the educational qualification as prescribed by the National Bank and must have work experience. (c) has fulfilled the criteria set by the National Bank in relation to the appointment of the executive head, (d) is not disqualified according to sub-section (1) of section 18. However, clauses (j) and (d) of sub-section (1) of section 18 (6) If the executive head appointed as per sub-section (1) is not found to be qualified according to this act, the National Bank shall remove him and another person who is eligible to be appointed as the executive head according to this act.(7) The remuneration, other terms and conditions of service and facilities of the executive head shall be as determined by the board of directors and the terms and conditions of his service shall be determined at the time of appointment. (8) Any bank or the executive head of a financial institution shall not be allowed to work as an executive head, official, employee or any other position in any other commercial organization. However, in the case that a bank or financial institution invests in an infrastructure development bank, this subsection shall not be considered as an obstacle to the directorship of that development bank.