Section two of said chapter two hundred and twelve is hereby amended by striking out the fourth paragraph thereof, as most recently amended by section three of chapter seven hundred and sixty-two of the acts of nineteen hundred and- seventy-nine, and inserting in place thereof the following paragraph: "The directors may, from time to time, appoint either for a definite term not to exceed four years, or to serve at the directors' pleasure, an executive director, who shall devote his full time during business hours to the duties of his office and who shall receive compensation as the directors shall determine, a treasurer who shall be the chief financial and accounting officer of the Bank and shall be in charge of its funds, books of accounts, and accounting records, and such other officers and employees as are necessary to the functioning of the Bank. Officers and employees of the Bank shall not be subject to the provisions of chapter thirty-one or section A of chapter thirty of the general laws. Salaries for employees, including the executive director and, treasurer, shall be set by the directors."