The Finance Officer shall be appointed by the Central Government in such manner, and on such terms and conditions and shall exercise such powers and perform such duties, as may be provided by the Statutes:

   Provided that the first Finance Officer shall be appointed by the Central Government in such manner and on such terms and conditions as may be determined by it and the said officer shall hold office for a term of three years, and may be eligible for re-appointment for another term of two years.