Section 3: Tenure of office of members

(1) The chairman or any member of the Board other than an ex-officio member shall-
(a) hold office for such period, not exceeding four years, and on such terms as may be specified in his letter of appointment;
(b) unless he previously vacates his office, be eligible for re-appointment for one further term of four years:
Provided that nothing in this paragraph shall be construed as entitling any person who has held office as chairman for a term and who is being re-appointed under this paragraph to be appointed again as chairman;
(c) be paid out of money at the disposal of the Board such remuneration and allowances as the President may determine.
(2) The office of a member of the Board shall become vacant if-
(a) he resigns his office by notice in writing given to the Minister;
(b) the period of his appointment has expired; or
(c) there is passed by the Board a resolution declaring that-
(i) he has become incapable, by reason of mental or bodily infirmity, of discharging his duties; or
(ii) he has become unfit for membership of the Board by reason of the fact that he has an interest in a contract entered into by the Board and has not disclosed that fact; or
(iii) he has been absent from three consecutive meetings of the Board without leave of the Board; or
(d) he is convicted of an offence which involves moral turpitude.
(3) Soon after the office of a member of the Board has become vacant, the authority by whom he was appointed shall appoint another person in his place in accordance with the provisions of this Act.