: (1) In order to run the day-to-day work as the administrative head of the establishment, the committee will appoint a person with at least a master's degree in any subject from a recognized university as an executive director on the basis of competition based on specialization in the field of industry and business.
(2) The term of office of the Executive Director shall be four years and he may be re-appointed for a maximum of four years.
(3) The arrangements regarding the executive director's remuneration, service conditions and facilities shall be as prescribed.