Term of office and allowances of members of Board

(1) The members nominated under section 13 shall hold office for a term of four years from the date on which the names are published in the official gazette: Provided that, the term of office of the outgoing members shall extend to and expire, on the date immediately preceding the date on which the names of their successors are published in the official gazette. (2) As near as may be one-fourth of the members nominated under section 13 shall retire at the end of each year after the first year in the manner to be prescribed. (3) When the term of office of a member, other than an ex-officio member, expires, the vacancy so arising shall be filled as soon as may be, and to this end all necessary steps be taken by the Chairman of the Board within three months before expiry of the term of office of the said member. (4) Members shall be entitled to such allowances as are determined by the regulations made by the Board.