Section 9: Term of office of members

9. Term of office of members.—(1) Save as hereinafter provided, a member, other than an ex­ officio member, shall hold office for a period of three years from the date of his nomination. (2) A person who becomes, or is nominated to be, a member by virtue of his holding an office or appointment shall cease to be a member when he ceases to hold that office or appointment. (3) A member, other than an ex­officio member, may at any time resign his office by writing under his hand addressed to the Government but shall continue to perform his functions until his resignation has been accepted. (4) A vacancy caused by resignation or any other reason shall be filled by the nomination of a person qualified to fill such vacancy. (5) No act or proceeding of the Board shall be invalid on the ground only of the existence of a vacancy in the Board. (6) The Federal Government may increase or decrease the number of members of the Board of Governors and prescribe the qualifications and mode of appointment of such members in such manner as it may prescribe.

Effective date: 2007-01-01

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