: (1) The Board of Directors shall consist of nine directors, of which five directors shall be nominated by the Government of Nepal and the remaining four directors shall be elected by the general meeting of shareholders.
(2) The remaining four directors will also be nominated by the Government of Nepal unless there is an arrangement to be elected by the general meeting.
(3) The Government of Nepal will appoint one of the directors as the chairman of the committee (4) Directors nominated in accordance with sub-section (1) shall generally remain in office for the period specified in the letter of appointment, unless dismissed earlier by the Government of Nepal.
(5) The term of office of directors nominated under sub-section (2) shall be as per the will of the Government of Nepal. But,
(a) After the election of directors by the general meeting and they assume their duties, those nominated directors shall be automatically dismissed.
(b) Nothing in this sub-section shall prevent the election of a person so dismissed as a director.
(6) The term of office of the elected directors shall be three years. After the term of office is over, he can be re-elected as a director.