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(1) The Chairman and the person appointed under paragraph (e) of subsection (2) of section 5 shall hold office for two years.

(2) No person shall be qualified to be appointed a director of the Board or continue to be a director if:

(a) having been declared an insolvent or a bankrupt under any law for the time being in force in Ghana or any other country, is an undischarged insolvent or bankrupt; or

(b) he is adjudged to be a person of unsound mind;

(c) he is guilty of serious misconduct in relation to his duties;

(d) he is convicted of felony or any other offence involving fraud, dishonesty or moral turpitude and in each case has not been granted a free pardon;

(e) in the case of a person in possession of a professional qualification, he is disqualified or suspended otherwise than at his own request, from practising his profession in Ghana or in any other country by order of any competent authority made in respect of him personally.

(3) Any director appointed under paragraphs (a) and (e) of subsection (2) of section 5 may resign his office by notice in writing addressed to the Commissioner and without prejudice to the general effect of subsection (2) of this section, any such person may be removed from office by the Supreme Military Council.

(4) If the office of a director appointed under paragraphs (a) or (e) of subsection (2) of section 5 becomes vacant otherwise than as a result of expiry of his term of office or if a director is incapacitated by absence from Ghana, illness or any other sufficient cause from performing the duties of his office, the Council may appoint another person to hold office in his place.

(5) A person appointed to act in the place of a director under the provisions of subsection (4) of this section shall cease to hold office on the date when the person in whose place he held office would have ceased to hold office in accordance with the provisions of this Decree or when the Council is satisfied that the incapacity of the person in whose place he holds office has terminated whichever is earlier.

(6) Any person appointed under paragraphs (a) or (e) of subsection (2) of section 5 on ceasing to be a director shall be eligible for reappointment.