Term of office and vacancies amongst members of Board and allowances, etc.

(1) Save as otherwise provided in this section, the term of a member of the Board nominated under sub-section (1) of section 12 shall be three years from the date of his nomination, and such member shall be eligible for re-nomination (2) A member nominated under sub-section (1) of section 12 may resign from his office by writing under his hand addressed to the Chairman and his resignation shall take effect from the date it is accepted by the Chairman.