5.—(1) The Board shall consist of five members of whom one shall be chairman and another shall be managing director.
(2) The chairman, the managing director and the other members of the Board shall be appointed by the Minister.
(3) A member of the Board shall, unless he sooner dies, resigns, becomes disqualified, or is removed, hold office for a period of five years.
(4) A member of the Board whose term of office expires by effluxion of time shall be eligible for re-appointment.
(5) A member of the Board shall hold office on such terms (other than the payment of remuneration and allowances for expenses) as shall be fixed by the Minister at the time of his appointment.
