Term of office and allowances of members of Board

(1) The members of the Board, other than the ex officio members, shall hold office for a term of three years from the date on which their names are published in the Official Gazette. (2) The term of office of outgoing member shall extend to, and expire with, the day immediately preceding the date on which the name of his successor is published in the Official Gazette. (3) The members shall be entitled to such compensatory allowances as may be determined by regulations.