(1) The Committee shall, for conducting the daily business of the Fund, appoint a person in the post of Executive Director on the basis of open competition from amongst the persons who have gained at least Seven years experience in the field of economic development or poverty alleviation after having obtained a Master’s degree in Economics,
Management or Sociology.
(2) Notwithstanding anything contained in Sub-section (1), the Committee may, until the office of Executive Director is filled, appoint a person who has fulfilled the qualification as mentioned in Sub-section (1)
in the post of Executive director for a maximum period of six months.
(3) The tenure of office of the Executive Director shall be five years.
(4) The remuneration, the condition and facilities of service of the Executive Director shall be as prescribed.
(5) Notwithstanding anything contained in Sub-section (3), if an Executive Director commits an act causing loss or damage to the Fund or the charge of corruption against him/her is proved or he/she has acted
against the policy or direction of the Committee, the Committee may, upon following the prescribed process, remove him/her from the office.