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 the provisions of section 5 and of the Second Schedule to this Act, shall be elected by the Council under this Act and hold office each for a term of one year from the date of election, and the president shall be chairman at meetings of the Institute, so however that, in the event of the death, incapacity or inability for any reason of the president, the vice-president shall act in his stead for the unexpired portion of the term of office, or as the case may require, and references in this Act to the president shall be construed accordingly.
[Second Schedule.]
(2) The president and vice-president shall respectively be chairman and vice-chairman of the Council under this Act.
(3) If the president or the vice-president ceases to be a member of the Institute he shall cease to hold any of the offices designated under this section.