(1) The board of directors shall appoint an executive head in the organization subject to this Act, the charter and regulations of the organization.
(2) The educational qualification and experience of the executive head as per sub-section (1) shall be as specified in the regulations made under this Act.
(3) The board of directors shall appoint a person who has attained the qualifications as per sub-section (2) as the executive head of the organization and inform the bank within seven days.
(4) The term of office of the Chief Executive shall ordinarily be: four years and he may be re-appointed.
(5) The remuneration, terms of service and other facilities of the executive head shall be as determined by the board of directors of the company.
(6) The remuneration, service conditions and other facilities of the executive head shall be determined at the time of his appointment.
(7) Notwithstanding anything written elsewhere in this section, the provisions regarding the executive head of banks and financial institutions shall be in accordance with the applicable law.