(1) The directors appointed under section 11 (2) shall appoint a chief executive officer to -
(a) carry on, manage and control generally the administration and business of the Supervisory Authority, and
(b) perform any other functions that may be determined by the board.
(2) The chief executive officer holds office on and subject to the terms and conditions (including terms and conditions relating to remuneration and allowances) that the directors appointed under section 11 (2) may, with the approval of the Minister given with the consent of the Minister for Finance, determine.
(3) The directors appointed under section 11 (2) may remove the chief executive officer from office at any time.