1The Authority shall be a body corporate, with a common seal.
2Every member of the Authority shall hold and vacate office in accordance with the terms of the instrument under which he is appointed ; but a person shall not hold office as a member of the Authority for more than five years under any one appointment.
3Any member of the Authority may resign his office by a notice given under his hand to the Ministers and the Secretary of State concerned with the sea fishing industry in Wales.
4A member of the Authority who ceases to hold office shall be eligible for reappointment.
5It shall be the duty of the Ministers and the said Secretary of State to satisfy themselves, with respect to any person whom they propose to appoint to be a member of the Authority, that that person will have no such financial or commercial interest as is likely to affect him in the discharge of his functions as such a member, and also to satisfy themselves from time to time, with respect to any person who is a member of the Authority, that he has no such interest as aforesaid ; and any such person shall, whenever requested by the Ministers and the said Secretary of State so to do, furnish to them such information as they consider necessary for the performance of their duty under this paragraph.