(1) The general superintendence, direction and management of the affairs and business of the National Housing Bank shall vest in the Board of Directors, which shall exercise all powers and do all acts and things, which may be exercised or done by the National Housing Bank.
     (2) Subject to the provisions of this Act, the Board, in discharging its functions, shall act on business principles with due regard to public interest.
     (3) Subject to the provisions of sub-section (1) and save as otherwise provided in the regulations made under this Act,--
        ¹[(a) the Chairman, if he is a whole-time director or if he is holding offices both as the Chairman and the Managing Director, or
         (b) the Managing Director, if the Chairman is not if he is whole-time director, or if the Chairman being a whole-time director, is absent,]
     shall also have powers of general superintendence, direction and management of the affairs and business of the National Housing Bank and may also exercise all powers and do all acts and things which may be exercised or done by the National Housing Bank and shall act on business principles with due regard to public interest.
     (4) The Managing Director shall, in the discharge of his powers and functions, follow such directions as the Chairman may give.
     (5) In the discharge of its functions under this Act, the National Housing Bank shall be guided by such directions in matters of policy involving public interest as the Central Government ²*** may give in writing.