The Secretary of State shall appoint one of the appointed members to be Chairman and may appoint one to be Deputy Chairman; and the members so appointed shall hold and vacate those offices in accordance with the terms of their appointment, subject to the following provisions.

The Chairman or Deputy Chairman may resign by notice in writing addressed to the Secretary of State.

If the Chairman or Deputy Chairman ceases to be a member of the Corporation, he also ceases to be Chairman or Deputy Chairman.