Term of office of members of Board

(1) Save as otherwise provided in this section, the term of a member of the Board nominated under clauses (iii), (iv) and (v) of sub-section (1) of section 16 shall be three years from the date of his nomination. (2) A member nominated under clauses (iii), (iv) and (v) of sub-section (1) of section 16 may resign from his office by writing under his hand address to the Chairman and his resignation shall take effect from the date it is accepted by the Chairman.