(1) A member of the Board, other than the Commissioner for Internal Revenue and the Controller and Accountant-General shall hold office for a period not exceeding three years and shall on the expiry of that period be eligible for re-appointment but for not more than three terms.

(2) A member of the Board may at any time resign his office by notice in writing addressed to the Council and may be removed from office by the Council.

(3) Except as otherwise provided, members of the Board shall hold office on such terms and conditions, including such allowances or remuneration as the Council may, on the recommendation of the Secretary, determine.