law: Life Insurance Corporation Act, 1956 
  20. Managing
  
  Directors.- 
  
  The Corporation may
  
  appoint one or more persons to be the Managing Director or Directors of the
  
  Corporation, and every Managing Director shall be a whole-time officer of the
  
  Corporation and shall exercise such powers and perform such duties as may be
  
  entrusted or delegated to him by the Executive Committee or the Corporation.