(1) The committee will appoint an executive director on the basis of open competition from among the persons who have the specified qualification to conduct the daily work as the administrative head of the fund.
(2) Notwithstanding anything written in sub-section (1), the Government of Nepal may, in consultation with the committee, appoint a senior employee of the committee to act as the executive director for a maximum period of three months until the position of executive director is filled.
(3) The term of office of the Executive Director shall be four 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 does any work that causes damage to the fund or acts contrary to the policy of the committee, the committee may remove him from the position of executive director by following the prescribed procedure.