(1) The Chairperson or a Member shall hold office for a term of three years from the date of his appointment ***:
Provided that no person shall hold office as the Chairperson or other Member after he has attained the age of sixty-five years.
[(1A) The Central Government shall initiate the process for appointment of the Chairperson or Member, as the case may be, at least six months prior to the expiry of the term of office of such Chairperson or Member.]
(2) The conditions of service of the Chairperson and other Members shall be such as may be prescribed.
(3) A casual vacancy in the Board shall be filled in accordance with the provisions of section 3 and a person appointed shall hold office only for the remainder of the term for which the member, in whose place he was appointed, would have held that office:
[Provided that the Central Government may, in case of a casual vacancy in the office of the Chairperson, by order in writing, direct an officer of appropriate level, to perform the functions of the Chairperson until such vacancy is filled in.]
(4) Before appointing any person as the Chairperson or a Member, the Central Government shall satisfy itself that the person does not and will not, have any such financial or other interest as is likely to affect prejudicially his functions as such Member.
(5) No Member of the Board shall be a beneficiary of the Trust during the period such Member holds office.
(6) The Board shall meet at least once in three months at such time and place as may be determined by the Board by regulations and shall observe such rules of procedure in the transaction of business at a meeting as may be prescribed.
(7) The Chairperson, if for any reason is unable to attend the meeting of the Board, any Member elected by the Members present from amongst themselves at the meeting, shall preside at the meeting.
(8) All questions which come up before any meeting of the Board shall be decided by a majority of votes of the Members present and voting, and in the event of an equality of votes, the Chairperson, or in his absence, the person presiding shall have a second or casting vote.