Constitution of the BoardS
1The Board shall be a body corporate and shall have a common seal.
2The chairman and any deputy chairman shall cease to hold those offices on ceasing to be members of the Board.
3The majority of the members of the Board, including in particular the chairman thereof, shall be engaged whole-time in the service of the Board.
4Every member of the Board shall hold and vacate office in accordance with the terms of the instrument under which he is appointed, but notwithstanding anything in such an instrument any member of the Board may resign his office by a notice given under his hand to the Secretary of State, and a member of the Board who ceases to hold office shall be eligible for re-appointment to the Board.
5If the Secretary of State is satisfied that a member of the Board—
(a)has had his estate sequestrated or has made a trust deed for behoof of his creditors or a composition contract,
(b)is incapacitated by reason of physical or mental illness,
(c)has been absent from meetings of the Board for a period longer than three consecutive months without the permission of the Board, or
(d)is otherwise unable or unfit to discharge the functions of a member of the Board, or is unsuitable to continue as a member,
the Secretary of State shall have power to remove him from office as a member of the Board.
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7The Board—
(a)shall pay to the members thereof such remuneration and such allowances as the Secretary of State may, with the approval of [the Treasury], determine, and
(b)as regards any members in whose case the Secretary of State may so determine with the approval of [the Treasury], shall make provision for or pay to or in respect of them such pensions as may be so determined,
and if a person ceases to be a member of the Board and it appears to the Secretary of State that there are special circumstances which make it right that that person should receive compensation the Secretary of State may, with the approval of [the Treasury], require the Board to pay to that person a sum of such amount as the Secretary of State may, with the approval of [the Treasury], determine.
In this paragraph any reference to a pension includes a reference to a gratuity.