: (1) Subject to the regulations, the directors may appoint one managing director from among themselves.
(2) The work, duties and rights of the management director shall be as written in the regulations or as determined by the board of directors.
(3) When appointing a managing director appointed in accordance with sub-section (1) or another director who takes responsibility for the management of the company, a written agreement shall be made to determine the conditions of appointment, remuneration and facilities, except for the remuneration and facilities mentioned in such agreement and other facilities as determined by the general meeting. No other facility can be given or paid.
(4) The term of the contract as per sub-section (3) shall not exceed four years at a time.
(5) Arrangements should be made for the shareholders to see the agreement as per sub-section (3) with the directors free of charge.
(6) A director who is receiving regular remuneration or benefits other than meeting allowance from one of the listed companies cannot be appointed as a managing director in another listed company while receiving regular remuneration or benefits.