(1)  The board of directors of the Corporation shall consist of the following, namely:—

   (a)  a Chairman;

   (b)  three directors to represent respectively the Ministries of the Central Government dealing with—

   (i)  food,

   (ii)  finance, and

   (iii)  co-operation;

   (c)  the managing director of the Central Warehousing Corporation established under section 3 of the Warehousing Corporations Act, 1962 (8 of 1962), ex officio;

   (d)  a managing director;

   (e)  six other directors.

   (2)  All the directors of the Corporation other than the director referred to in clause (c) of sub-section (1) shall be appointed by the Central Government.

   (3)  The managing director, shall—

   (a)  exercise such powers and perform such duties as the board of directors may entrust or delegate to him; and

   (b)  receive such salary and allowances as the board of directors may, with the approval of the Central Government, fix:

   Provided that the first managing director shall receive such salary and allowances as the Central Government may fix.

   (4)  The term of office of, and the manner of filling casual vacancies among, the directors of the Corporation, other than the director referred to in clause (c) of sub-section (1), and the other terms and conditions of appointment of the directors of the Corporation shall, subject to the provisions of sub-section (3), be such as may be prescribed.