(1) There shall be a chief executive officer of the Agency who shall be known, and is referred to in this Act, as the chief executive.
(2) The chief executive shall, subject to subsection (3), be appointed by the Agency with the approval of the Minister and may, with the approval of the Minister, be removed from office for stated reasons by the Agency.
(3) Where a competition to appoint a chief executive is held prior to the establishment day the successful candidate may be appointed by the Minister as the chief executive designate of the Agency.
(4) The chief executive -
(a) shall hold office under a written contract of service (which contract may be renewed) for such period, not being more than 5 years, as is specified in the contract, subject to such terms and conditions (including terms and conditions relating to remuneration, allowances for expenses and superannuation) as are so specified, being terms and conditions which are determined from time to time by the Agency with th