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Term of office of member of the Board.
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4.—(1) Subject to the provisions of this section in relation to persons elected or nominated to fill casual vacancies every member of the Board shall, unless he sooner dies, resigns, or becomes disqualified, hold his office as such member for the term of five years reckoned, in the case of the first members, from the establishment of the Board and, in the case of every subsequent member, from the expiration of the term of office of his predecessor.
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(2) A member of the Board elected or nominated to fill a casual vacancy in the Board shall, unless he sooner dies, resigns, or becomes disqualified, hold office for the residue of the term for which the member whose death, resignation, or disqualification occasioned the vacancy would have held office if he had not died, resigned, or become disqualified.
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