(1) A member of the Board other than the Chairman shall hold office for a term of four years and is eligible for re-appointment.

(2) A member of the Board other than the Chairman may at any time resign his office in writing addressed to the President through the Chairman or may be removed from office by the President in consultation with the Council of State for stated reasons.

(3) Members of the Board shall be paid such allowances as the Minister responsible for Finance shall determine.