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Constitution of the Board.
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5.—(1) The Board shall consist of not less than three and not more than seven members, one of whom shall be chairman of the Board.
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(2) The first members of the Board and all subsequent members shall be appointed by the Minister after consultation with the Minister for Finance.
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(3) The Minister shall from time to time appoint a member of the Board to be the chairman of the Board.
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(4) Each member of the Board shall hold office on such terms (other than the payment of remuneration and allowances for expenses) as shall be fixed by the Minister at the time of his appointment.
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(5) (a) On each anniversary of the establishment day or, in any year in respect of which the Minister fixes an alternative date for the purpose, on such date, one-third of the members of the Board who are not whole-time members shall, if the number of such members is three or a higher number, retire from office.
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(b) For the purpose of the calculation of the number of members of the Board who are to retire under paragraph (a) of this subsection, if the number of members who are not whole-time members is a number which is not evenly divisible by three, the number of members to retire under that paragraph shall be one-third of the number next below the number of such members which is evenly divisible by three.
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(c) The members (if any) to retire under this subsection in each year shall be those who have been longest in office since their last appointment, and where there are members whose appointment was made on the same day and one of them is obliged to retire under this subsection, the member to retire shall, unless such members otherwise agree, be determined by lot.
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(d) Where the Board consists of only three members the member (if any) who is obliged to retire under this subsection shall continue in office until his successor has been appointed or until he has been re-appointed a member of the Board.
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(6) A member of the Board who retires shall be eligible for re-appointment.
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