Section 4: Tenure of office, etc.

(1) The Chairman and other members of the Board, other than ex-fficio members-
(a) shall hold office for a period of four years on such terms and conditions as may be specified in their letters of appointment ; and
(b) may be re-appointed for one further period of four years and no more.
(2) Subject as hereinafter provided, a member of the Board appointed under section 3 of this Act shall hold and vacate office in accordance with the terms of the instrument appointing him to be a member of the Board.
(3) A member of the Board holding office as aforesaid shall vacate that office at the expiration of the period of four years beginning from the date of his appointment.
(4) A person ceasing to hold office as a member of the Board otherwise than by removal for misconduct shall be eligible for re-appointment as member.
(5) Before appointing a person to be a member of the Board under section 3 of this Act, the President shall satisfy himself that the person shall have no such financial or other interest as is likely to affect prejudicially the discharge by him of his functions as a member of the Board, and the President shall also satisfy himself from time to time with respect to every member of the Board that the member has no such interest and any person who is or whom the President proposes to appoint to be a member of the Board shall, wherever requested by the President so to do furnish to him such information as the President considers necessary for the performance by the President of his duties under this sub-section.