(1) The chairperson and other members of the Board other than the Director-General shall hold office for a term of four years but are eligible for re-appointment on the expiration of their term of office.

(2) The chairperson or any other member of the Board may resign his office writing addressed through the Minister to the President.

(3) The President may in consultation with the Council of State remove the chairperson or any other member from the Board for inability to perform the functions of office, for stated misbehaviour or for any other just cause.

(4) A member of the Board who is absent from three consecutive meetings of the Board without sufficient cause shall cease to be a member.

(5) Members of the Board shall be paid such allowances as may be determined by the Board with the approval of the Minister after consultation with the Minister for Finance.