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BANK OF KHYBER ACT, 1991 BANK OF KHYBER ACT, 1991 [ACT No. XIV of 1991] [Gazette of N.‑W.F.P. Extraordinary, 20th, June, 1991] An Act to establish the Bank of Khyber in the North‑West Frontier Province 12. Managing Director. [ Subs. by N.‑W.F.P. Act, Sl of 1996, S. 5.] (1) The Managing Director/Chief Executive will be a Senior Professional banker, having not less than 20 years experience. He shall be appointed by the Government for a period not less than three years and not more than five years on such terms and conditions of service as the Government may determine: Provided that the terms and conditions of service shall not be varied to his disadvantage during his term of office: Provided further that his service may be terminated by Government on the grounds of physical or mental incapacity or gross misconduct: Provided also that on the expiry of his term of office, he shall be eligible for reappointment for such period as may be determined by Government. (2) The Managing Director shall be the Chief Executive Officer of the Bank and shall, subject to any bye‑laws made in this behalf, administer and control, on behalf of the Board, the affairs of the Bank.]