(1) The Chairperson and a Member shall hold office for a term of three years from the date on which he enters upon his office and shall be eligible for re-appointment:
Provided that no person shall hold office as a Chairperson after he has attained the age of sixty-five years or as a whole-time member after he has attained the age of sixty-two years.
(2) The salaries and allowances payable to, and other terms and conditions of service of, the Members, other than ex officio Members, shall be such as may be prescribed.
(3) Notwithstanding anything in sub-section (1), a Member may--
(a) resign from his office by giving in writing to the Central Government a notice of not less than three months; or
(b) be removed from his office in accordance with the provisions of section 7.
(4) No Member, other than ex officio Member, shall, for a period of two years from the date on which they cease to hold office as such, except with the previous approval of the Central Government, accept--
(a) any employment either under the Central Government or under any State Government; or
(b) appointment in any financial institution in the International Financial Services Centres.