(1)For the purpose of enabling it efficiently to discharge its functions under this Act, each of the Corporations shall appoint a [managing director] and, subject to such rules as may be prescribed in this behalf, may also appoint such number of other officers and employees as it may think necessary:Provided that the appointment of the [managing director] [Substituted by Act 49 of 1971, Section 5 (w.e.f. 1.2.1972). ] and such other categories of officers as may be specified after consultation with the Chairman in such rules shall be subject to the approval of the Central Government.
