(1) The Chairman and the Managing Director shall hold office for such term, not exceeding five years and shall receive such salary and allowances and be governed by such terms and conditions of service as the Central Government may *** specify and shall be eligible for re-appointment:
Provided that the Chairman or, as the case may be, the Managing Director shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office.
(2) The directors referred to in [clauses (b), (c) and (ca)] of sub-section (1) of section 6 shall hold office for a term of three years:
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(3) The Central Government may *** remove the Chairman or the Managing Director, or any other director referred to in sub-section (2), at any time before the expiry of his term of office after giving him a reasonable opportunity of showing case against the proposed removal.
(4) Notwithstanding anything contained in sub-sections (1) and (3), the Central Government ***shall have the right to terminate the term of office of the Chairman or, as the case may be, the Managing Director, at any time before the expiry of the term specified under sub-section (1), by giving him notice of not less than three months in writing or three months salary and allowances in lieu thereof and the Chairman or the Managing Director, as the case may be, shall also have the right to relinquish his office at any time before the expiry of the term specified under sub-section (1), by giving to the Central Government notice of not less than three months in writing or three months salary and allowances in lieu thereof.
(5) The directors shall be paid such fees and allowances as may be prescribed for attending the meetings of the Board or of any of its committees and for attending to any other work of the National Housing Bank:
Provided that no such fee shall be payable to any director, who is an official of the Government or a director of the Reserve Bank.