3. Structure and Operation of the Corporation (a) The Corporation shall have the ownership and capital structure identified in the Articles and Memorandum of Incorporation, as amended from time to time. (b) As of the commencement date of this Act, the Liberia Telecommunications Corporation shall be wholly owned by the Government. However, the Government will examine privatization of the corporation from time to time and with the objective of selling all or part of the Corporation at such time as private ownership is determined to be in the interests of the corporation and the general public. (c) As of the commencement date of this Act, the Liberia Telecommunications Corporation is designated to be a National Operator. The Corporation’s rights, responsibilities and consequences of being designated a National Operator shall be defined in directions issued jointly by the Minister and the LTA pursuant to Sections 13(2) and 12(4) of the Act. (d) The formulation of polices and direction of management of the Corporation shall be vested in a Board of Directors, consisting of a Chairman and six (6) other members appointed by the President of Liberia. (e) In other respects, the operation of the Board of Directors of the corporation shall be as stated in the Articles and Memorandum of Incorporation and the bylaws of the corporation. (f) The management of the corporation, including responsibility for implementing Board policies and directions, shall be conducted by a Managing Director to be appointed by resolution of the Board of Directors. So long as the Liberia Telecommunications Corporation is majority owned by the Government, appointment of the Managing Director shall require confirmation by the President of Liberia. The Managing Director shall receive such salary and other compensation and benefits as shall be established by the Board of Directors. (g) The Managing Director shall be appointed to the Board of Directors and shall serve as secretary to the Board. (h) The Board of Directors may adopt bylaws and other applicable rules of the corporation as needed from time to time. 4. Licensing of the Corporation As provided for in Sections 15 (1) and 25(1) of the Act, the Liberia Telecommunications Corporation will require operating licences and radio frequency authorizations issued by the LTA. The Minister, the LTA and representatives of the Corporation shall endeavour to cooperate and to resolve issues relating to the issuance of licences or radio frequency authorizations to the Corporation, with the objective of facilitating commercial operation as soon as the circumstances of the Corporation otherwise permit.