(1) A director appointed under subsection (2)(a) of section 4 of this Decree shall hold office for such period as may be specified by the National Redemption Council in his instrument of appointment.

(2) The Chairman or a director appointed under subsection (2)(c) of section 4 of this Decree shall hold office for a period of one year.

(3) At the annual general meeting of the Bank next following the first election of directors, and at every annual general meeting thereafter, the director elected at an annual general meeting who has held such office for the longest period since his last election shall retire; and as between directors elected on the same day the director to retire shall unless they otherwise agree, be decided by lot.

(4) An elected director retiring at an annual general meeting shall retain his office until the close of the meeting.

(5) Any director shall vacate his office-

(a) on ceasing to be qualified for being a director of the Bank as required by the provisions of section 5 of this Decree;

(b) in the case of the Chairman or a director appointed under subsection (2)(c) of section 4, if he, by notice in writing addressed to the Commissioner and copied to the Board, resigns his office;

(c) in the case of a person appointed under subsection (2)(a) of section 4 of this Decree, if he ceases to be qualified for appointment under that subsection or if prior thereto the National Redemption Council by writing revokes his appointment.

(6) Subject to section 5 of this Decree, a person ceasing to hold office as a director shall be eligible for reappointment.

(7) If an elected director dies or vacates his office under the provisions of subsection (5) of this section, the Board may subject to the provisions of this section elect a person, for appointment under section 4 of this Decree, to hold office until the next annual general meeting.