Term of office

(3) On the occurrence of any vacancy in the office of a director due to death, resignation or otherwise the same shall be filled up by the Governor in the manner provided in sub-section (1).

(4) Subject to the provisions of this Act, the terms and conditions of appointment of the directors and the fees and allowances payable to them, shall be such as may be prescribed.

The term of office of the directors other than the Executive Director and the ex officio directors shall be one year and they shall be eligible for re-appointment:

Provided that the Executive Director may be removed by the Government at any time notwithstanding anything contained in section 11.