The following rule 23 has been placed next to rule 23 of the original regulation:- “23. Provisions related to executive director: (1) The fund will have one executive director (2) The Committee shall appoint the Executive Director through an open competitive process from among the persons who meet the qualifications of sub-rule (4).
(3) The executive director will work as the administrative head of the fund under the general direction of the vice president (4) The qualifications of the Executive Director shall be as follows:-
(a) At least master's degree in economics, management science, commerce or public administration from a recognized educational institution,
(b) having attained the age of thirty-five years,
(c) Having worked for at least ten years in an official position in a government or non-government organization.
(5) The term of office of the Executive Director shall be four years (6) Notwithstanding anything written in sub-rule (5), if the executive director fails to perform his duties satisfactorily or if he does any work contrary to the interest of the fund, the committee may remove him from office at any time.
(7) In accordance with sub-rule (6), the executive director shall be given an opportunity to submit an explanation before being removed from office.
(8) The work, duties and powers of the Executive Director shall be as follows:-
(a) Prepare the annual, short-term and long-term plan, annual program and budget of the fund and submit it to the committee,
(b) daily administration of the fund and administration of the staff and supervision and control of the staff,
(c) To cause to keep account of fund account, to cause audit, to cause verification,
(d) To publicize the financial statement of the fund within four months of the end of the financial year (e) certifying the decision of the Committee,
(f) To do other work assigned by the committee.
(9) The remuneration and other benefits of the executive director shall be as determined by the committee.”