4. The affairs of the corporation are administered by a board of directors consisting of(1) a president, appointed by the Government for a term of not over five years;
(2) a managing director, appointed by the Government for a term of not over five years, subject to the contract contemplated in the second paragraph of section 10; and
(3) from five to nine other members, appointed by the Government for a term of not over two years.
The Government may, however, designate the same person to act as both president and managing director of the corporation.