4. Management of the affairs of the Corporation
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The management, control and administration of the affairs of the Corporation shall, subject to the provisions of this Act and the rules of the Corporation, made under section 8, be vested in a Board of Management (hereinafter referred to as “the Board’’) consisting of the patron who shall be the Chairman and such number of members elected from among the members of the Corporation in accordance with such rules.
The first Board of the Corporation shall be the Board of Directors of the Foundation holding office on the day immediately preceding the date of commencement of this
Act, and which shall hold office until the holding of the first annual general meeting of the Corporation.