Section 2: Election of President and Vice-President of the Institute

(1) There shall be a President and a Vice-President of the Institute who, subject to section 3 and the First Schedule to this Act, shall be elected by the members of the Institute and hold office each for a term of two years from the date of election.
(2) The President shall be the Chairman at all meetings of the Institute and, in his absence, the Vice President shall act on his behalf. [First Schedule]
(3) In the event of death, incapacity, resignation or inability for any reason of the President, the Vice-President shall act in his stead for the unexpired period of the term of office, or as the case may require, and references in this Act to the President shall be construed accordingly.
(4) The President and Vice-President shall be Chairman and Vice-Chairman of the Council respectively under this Act.
(5) If the President or Vice-President ceases to be a member of the Institute, he shall cease to hold any of the offices designated under this section and shall cease to enjoy any privileges related to that office.