Terms of office and vacancies among members of Board

(1) The term of the nominated member of the Board shall be three years from the date of his nomination. (2) An ex-officio member shall continue so long as he holds the office by virtue of which he is the member of the Board. (3) Any vacancy in the Board occurring before the reconstitution or before the expiry of the prescribed period shall be filled in the same manner as provided in section 12 and such member shall hold office for the remainder of the term of a member, in whose place he is nominated. (4) A member shall be eligible for re-nomination for the next term. (5) A member may resign his office by writing under his hand, addressed to the President and his resignation shall take effect on the date it is accepted by the President.