(1) The Board of Directors (hereinafter referred to as “Board”) shall consist of Nine directors, out of whom, Five directors shall be nominated by the Government of Nepal and the remaining Four directors shall be elected by the general meeting of the shareholders.

(2) Pending the provision of election by the general meeting, the remaining Four directors shall also be nominated by the Government of Nepal.

(3) The Government of Nepal shall appoint as the chairperson of the Board from amongst the directors.

(4) The directors nominated pursuant to Sub-section (1) shall, unless dismissed earlier by the Government of Nepal, shall hold office generally for the period set forth in their appointment letter.

(5) The tenure of the directors nominated pursuant to Sub-section (1) shall depend on the pleasure of the Government of Nepal. Provided that:
(a) These directors shall ipso facto relieve of office after the directors have been elected by the general meeting
and assumed their office.

(b) Nothing contained in this Section shall not bar the electing of any such dismissed person to the office of
director.

(6) The tenure of the elected director shall be Four years, and upon the expiration of their tenure, they may be re-elected to the office of director.