Term of office and vacancies of members of the Board

(1) Save as otherwise provided in this section, the term of a nominated member of the Board shall be three years from the date of nomination. An ex-officio member shall continue so long as he holds the office by virtue of which he is the member of the Board; (2) Any vacancy in the Board occurring before the next reconstitution or before the expiry of the prescribed period shall be filled in the same manner as provided in section 16 and such a member shall hold office for the remainder of the term of the member in whose place he is nominated; (3) A member shall be eligible for re-nomination for one more term; (4) A member may resign from his office by writing under his hand addressed to the Chairman of the Board and his resignation shall take effect from the date it is accepted by the Chairman.