8Officers and other employees of Corporation.

(1) The Central Government shall, in consultation with the Corporation, appoint a person to be the ¹ [managing director].
(2) Subject to such rules as may be made by the Central Government in this behalf, the Corporation may appoint such other officers and employees as it considers necessary for the efficient performance of its functions.
(3) The methods of appointment, the conditions of service and the scales of pay of the officers and other employees of the Corporation shall,--
(a) as respects the ² [managing director], be such as may be prescribed; and
(b) as respects the other officers and employees, be such as may be determined by regulations made by the Corporation under this Act.
³ [(4) The managing director shall exercise such powers and perform such duties as the Board may entrust or delegate to him.]