Section 3: Tenure of Office

(1) A member of the Board appointed, otherwise than by office, shall hold office for a term of four years, and subject to the provisions of subsection (2) of this section, shall be eligible for reappointment for only one further term of four years.
(2) The office of a member of the Board shall become vacant if-
(a) he resigns as a member by notice in writing under his hand addressed to the Minister; or
(b) he becomes bankrupt, suspends payment of his debts or compounds with his creditors; or
(c) he is convicted of an offence involving dishonesty or fraud; or
(d) he becomes of unsound mind; or
(e) he becomes a director or an officer of a mortgage institution; or
(f) the Minister is satisfied that it is not in the interest of the Mortgage Bank for the member to continue in office and notifies the member in writing to that effect.