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(1) There shall be a Board consisting of-

(a) a Chairman appointed by the Executive Council;

(b) 4 members representing banking, textile, farming and business interests appointed by the Executive Council;

(c) the Chief Crop Production Officer of the Ministry of Agriculture who shall be an ex officio member, and

(d) an Executive Director appointed by the Board:

Provided that the first members of the Board, including the first Chairman, shall be as specified in the Schedule attached to this Decree, and shall, with the exception of the first Chairman and the Executive Director, hold office for 3 years.

(2) If a member of the Board appointed by the Executive Council, including the Chairman, ceases to be a member for any reason specified in a subsequent paragraph or otherwise before the expiry of his period of office, another member may be appointed in his place by the Executive Council.

(3) Subject to the provisions of paragraph 3 (4) below, every member of the Board, except the Executive Director and the first members of the Board appointed by the Executive Council for their first term of office, and every Chairman of the Board including the first Chairman, shall hold office for two years.

(4) One year after the expiry of the term of office of the first members as mentioned in sub-paragraph (3) of this paragraph, two of the four members representing farming, textile, business and banking interests in the country, shall upon the drawing of lots, vacate their seats one year after their appointment as members of the Board, but shall be eligible for re-appointment to the vacant seats so created for a normal term of office of two years.