Section 12. Officers and servants of Corporation.

(1) The State Government shall appoint, 1[Executive Director] as provided in section 4 (1), and Chief Accounts and Finance Officer not below the rank of Director from the Maharashtra Finance and Accounts Service, for the Corporation. (2) The Corporation may, with the prior approval of the State Government appoint such other officers and servants subordinate to the officers mentioned in sub-section (1) as it considers necessary for the efficient performance of its duties. (3) The conditions of appointment and service of the officers and servants and their scales of pay shall,- (a) as regards the officers mentioned in sub-section (1), be such as may be prescribed, and (b) as regards the officers and servants mentioned in sub-section (2), be such as may be laid down, from time to time by regulations. (4) Subject to the superintendence of the Corporation and the overall control on, the activities of the Corporation by the Managing Director, the 2[Executive Director] shall supervise and control all its officers and employees including any officers of Government appointed on deputation to the Corporation.