8. The board of directors, with the approval of the Government, shall appoint for a term not exceeding five years a president and chief executive officer who shall hold that office on a full-time basis.
The president and chief executive officer shall be responsible for the administration and direction of the Corporation within the scope of its by-laws, and he shall assume such other responsibilities as are assigned to him by the board of directors.
If, six months after the expiry of the term of office being terminated, the board of directors has not proceeded with the appointment of the president and chief executive officer, the Government may, after notifying the board of directors, appoint a president and chief executive officer.
R. S. 1964, c. 86, s. 8; 1978, c. 41, s. 4; 1983, c. 15, s. 6; 1988, c. 36, s. 3; 1995, c. 5, s. 3.