(1) The Board shall appoint an executive director on
the basis of open competition from amongst the person having prescribed
qualification in order to operate day to day functions.
(2) Notwithstanding anything contained in sub-section (1), the
Government of Nepal may, in consultation with the Board, designate the
senior most employee of the Fund to work as the executive director of the
Board for a period of Three months in maximum until the office of
executive director is fulfilled.
(3) The tenure of Executive director shall be Four Years.
(4) Remuneration, terms, service and facilities of Executive director
shall be as prescribed.
(5) Notwithstanding anything contained in sub-section (3), in case
the executive director commits any act which causes loss to the Fund or
acts against the policy or directive of the Board, the Board may remove the
Executive Director from his/her post by fulfilling the procedures as
prescribed.