Vacancies in office of President.

(I) In the event of a vacancy in the office of the President by reason of death, resignation or otherwise, the vacancy shall be filled as soon as possible,- (a) by nomination, in the case of a Market Committee constituted for the first time ; and (b) in any other case, in the manner provided in sub-section (3) of section 7. (2) Every President nominated or elected as the case may be, under this section, to fill a causal vacancy, shall hold office for such period as the President in whose place he is nominated or, as the case may be, elected, would have held such office if the vacancy had not occurred.