The Board may appoint one managing director and such other advisers and employees as required for the efficient operation of its functions. Their appointment, terms and conditions of service and emolument (Mehantana) shall be as specified in the Bye-laws. Provided that, the Government of Nepal shall appoint first managing director of the Corporation and shall also fix his or her duties, powers and other terms and conditions of this service. The emolument and other facilities receivable by him or her in accordance with the terms and conditions shall be paid from the fund of the Corporation as specified by the Government of Nepal.