(1) The Chairman and directors of the Corporation nominated under clauses (c) and (d) of section 4, shall hold office for a period of three years from the date of their nomination unless their term of office is terminated earlier by the State Government.
(2) The directors of the Corporation nominated under clauses (c) and (d) of section 4 shall be entitled to draw such honorarium or compensatory allowance for the purpose of meeting the personal expenditure for attending the meeting of the Corporation or of any Committee thereof or when appointed in connection with the work undertaken by or for the Corporation, as may be prescribed.
(3) It is hereby declared that the office of director or Chairman of the Corporation, in so far as it is an office of profit under the Government of India, or the Government of any State, or the Government of any Union territory, shall not disqualify the holder for being chosen as, and for being a member of the Legislative Assembly of Goa.