1(1)Every member of the Board—
(a)shall be appointed for such term, not exceeding three years, as the Lord Chancellor may specify; and
(b)shall hold and vacate office in accordance with the terms of his appointment.
(2)Any person who ceases to be a member of the Board shall be eligible for re-appointment.
(3)A member of the Board may at any time resign his office by giving notice in writing to the Lord Chancellor.
(4)The Lord Chancellor may remove a member of the Board if satisfied—
(a)that he has failed to carry out his duties;
(b)that a bankruptcy order has been made against him or that his estate has been sequestrated or that he has made a composition or arrangement with, or granted a trust deed for, his creditors; or
(c)that he is otherwise unable or unfit to discharge the functions of a member of the Board.