Section 11. Managing Director

(1) The managing director shall- (i) be a whole time officer of the corporation; (ii) exercise such powers and perform such duties as the Board may delegate or entrust to him by regulations or otherwise; (iii) hold office for such term not exceeding five years, as the State Government may at the time of appointment specify, and be eligible for re-appointment; and (iv) receive such salary and allowances and be governed by such terms and conditions of service as the Board may, with the previous approval of the State Government; may determine: Provided that the first managing director shall receive such salary and allowances and shall be governed by such terms and conditions of service as the State Government may determine. (2) The State Government may at any time, after consultation with the corporation, remove the managing director from office: Provided that no order for the removal of the managing director on the ground of any misconduct shall be made except after giving him an opportunity of being heard against the proposed removal.