Term of office and vacancies among members of Board

(1) Save as otherwise provided in this section, the term of a nominated member of the Board under clauses (iii) and (viii) of sub-section (1) of section 12 shall be three years from the date of his nomination. (2) A member shall be eligible for re-nomination for the next term. (3) A member nominated under clause (viii) of 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.