Subject to the provisions of this Act every member of the Board other than the ex officio member shall hold office for a period of three years from the date of the first meeting of the Board but shall be eligible for re-nomination or re-election, as the case may be:
Provided that a member whose term of office has expired shall continue to hold office until his successor assumes office:
Provided further that a member nominated or elected under sub-section (1) of section 3 shall cease to be a member of the Board—
(i) in the case of a member nominated under clause (b) or clause (c) of sub-section (1) of section 3, when he ceases to be an officer of the Finance Department or the Industries Department as the case may be;
(ii) in the case of a member elected under clause (d) of sub-section (1) of section 3, when he ceases to be a member of the Legislative Assembly; and
(iii) in the case of a member nominated under cause (e) or clause (f) or clause (g) of sub-section (1) of section 3, in the opinion of the Government, when he ceases to have the representative capacity specified in the said respective clauses, but the member shall continue to hold office until the vacancy is filled up:
Provided also that a member nominated or elected to fill a casual vacancy shall assume office forthwith, but shall hold office so long only as the member in whose place he is nominated or elected as the case may be, would have been entitled to hold office if the vacancy had not occurred.
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