(1) The Chairman of the Board shall be one of the directors. 3[ nominated by the State Government, after considering, except in the case of the nomination of the first Chairman, the recommendation of the Board: Provided that the nomination of the Chairman for any period other than the first period shall be made only after the vacancies in the office of directors occurring by efflux of time in that period have been filled by nomination or election as the case may be: 4[ Provided further that the same person may be appointed to function both as Chairman and as managing director."]