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This is the original version (as it was originally enacted).
Section 1.
1The Board shall be a body corporate with perpetual succession and a common seal.
2(1)A governor, not being one of the first six governors appointed by the Prime Minister, the Corporation, or the Greater London Council, shall be appointed to hold office for the period of three years.
(2)Of each of the following groups of governors, that is to say, the first six governors appointed by the Prime Minister, the first six governors appointed by the Corporation and the first six governors appointed by the Greater London Council, two governors shall be appointed to hold office for the period of one year beginning with such day as may be determined by agreement between the Prime Minister, the Corporation and the Greater London Council, two governors shall be appointed to hold office for the period of two years beginning with the said day and two governors shall be appointed to hold office for the period of three years beginning with the said day.
3(1)There shall be a chairman of the Board and, except in the case of the first chairman, he shall be appointed by the governors from amongst their number to hold office as chairman for such period as they may determine.
(2)In the said excepted case, the Prime Minister shall, from amongst the first six governors appointed by him, appoint a person to be chairman of the Board, and he shall be appointed to hold office as chairman for a period of three years.
4(1)A governor may resign his office at any time by notice in writing given, if he was appointed by virtue of section 1(2)(a) of this Act, to the Prime Minister, or, if he was appointed by virtue of section 1(2)(b) or (c) thereof, to the body by whom he was appointed ; and a governor (not being the chairman of the Board) who gives a notice under the foregoing provisions of this paragraph shall forthwith after doing so give a copy of the notice to the chairman of the Board.
(2)A governor appointed by virtue of section 1(2)(b) or (c) of this Act who is, at the time of his appointment, a member of the body by whom he was appointed, shall vacate his office if at any time thereafter he ceases to be a member of that body.
5(1)A person appointed to fill the place of a governor which becomes vacant before the end of that governor's term of office shall hold office so long only as the vacating governor would have held office.
(2)Where the place of a governor becomes vacant before the end of his term of office and the unexpired portion of his term of office is less than six months, the vacancy need not be filled.
6A person who has held office as a governor shall be eligible for reappointment.
7Subject to the foregoing provisions of this Schedule, the Board may determine their own quorum and procedure.
8The Board may act notwithstanding a vacancy amongst the governors, and no act of the Board shall be deemed to be invalid by reason only of a defect in the appointment of any of the governors.
9The application of the seal of the Board shall be authenticated by the signatures of the chairman of the Board or some other governor authorised by the Board to authenticate the application of their seal and of the secretary or some other person authorised by the Board to act in his stead in that behalf.
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