Section 4: Cessation of membership

(1) A member of the Board shall cease to hold office if-
(a) he becomes of unsound mind; or
(b) he becomes bankrupt or makes a compromise with his creditors; or
(c) he is convicted of a felony or of any offence involving dishonesty; or
(d) he is guilty of serious misconduct in relation to his duties.
(2) A member of the Board may be removed from office by the President, if he is satisfied that it is not in the interest of the Fund or the interest of the public that the member should continue in office.
(3) Where a vacancy occurs in the membership of the Board, it shall be filled by the appointment of a successor to hold office for the remainder of the term of office of his predecessor, so however that the successor shall represent the same interest and shall be appointed by the President.