1(1)The independent members of the Board shall hold office for five years except that some of those first appointed may be appointed to hold office for shorter and different periods so as to secure that all the members do not retire simultaneously.
(2)An independent member may resign his office by written notice to the Bank and the Chancellor of the Exchequer.
(3)A person shall vacate his office as an independent member if he takes up a post with executive responsibility in the Bank.
(4)Subject to sub-paragraph (3) above, a person who has ceased to be an independent member of the Board shall be eligible for re-appointment.