Section 5: Tenure and removal of members of the Board from office.

(1) Subject to section 4(4) of this Act, members of the Board other than the Federal Commissioner shall hold office -
(a) for four years and no more; and
(b) on such terms and conditions as may be specified in their letters of appointment.
(2) The Chairman may resign his appointment by notice in writing addressed to the President through the Minister.
(3) A member of the Board shall cease to be a member, where such member -
(a) becomes of unsound mind;
(b) becomes bankrupt;
(c) is convicted of a felony or any offence involving fraud or dishonesty; or
(d) is guilty of serious misconduct in relation to the office.
(4) A member of the Board may resign his membership by giving one month notice in writing or such other period as may be specified in his letter of appointment to the Chairman, who shall forward it to the Minister for onward transmission to the President.
(5) An ex-officio member of the Board shall cease to be member of the Board, where the member ceases to hold office on the basis by which the member was appointed.
(6) Where a vacancy occurs in the membership of the Board, the vacancy shall be filled by appointing a successor to represent the same interest and to hold office for the remainder of term of office of the predecessor.