Section 5

Management and control of each of the Bank and the Finance Company is hereby vested in the Controller as from commencement. Such management and control shall so vest in all respects without restriction together with all rights, privileges and advantages attaching thereto. The Controller shall thenceforth be entitled to exercise management and control of each of the Bank and the Finance Company to the exclusion of all other persons as if all rules of law had been complied with and everything necessary had been done to render such vesting fully effective.

Upon commencement, all those persons who, immediately before commencement were directors of the Bank or the Finance Company shall cease to be directors thereof without any right to compensation from any person, and all such persons who also held executive offices in the Bank or the Finance Company shall simultaneously cease to hold those offices without right to compensation from any person.

The Controller is hereby ap~ointed as chairman and a director of each of the Bank and tile Finance Company and shall hold each of those offices until an appointment is made to it under subsection (5).

The Minister may, from time to time, appoint other persons as directors of each of the Bank and the Finance

The Minister may, from time to time, appoint another director of the Bank or the Finance Company as the chairman thereof in place of the Controller and may revoke such appointment.

Any person duly appointed as a director under section5(3)or 5(4)shallbe treated for allpurposesas ifhehad beenappointed at a generalmeetingof theBankor, asthe case may be, the Finance Company as a director thereof.

The Minister may give to the directors of each of the Bank and the Finance Company such directions as he may consider necessary or expedient in the public interest as to the exercise and discharge of their powers, duties and functions.

Upon commencement, that firm