1(1)A person shall hold and vacate office as a member or the chairman in accordance with the terms of the instrument appointing him to that office.
(2)A person may at any time resign his office as a member or the chairman by giving to the Authority a notice in writing signed by him and stating that he resigns that office.
(3)If the Authority is satisfied that a member—
(a)has been absent from meetings of the board for a period longer than three consecutive months without the permission of the board ; or
(b)has become bankrupt or made an arrangement with his creditors ; or
(c)is incapacitated by physical or mental illness ; or
(d)is otherwise unable or unfit to discharge the functions of a member,
the Authority may declare his office as a member to be vacant and shall notify the declaration in such manner as it thinks fit; and thereupon the office shall become vacant.
(4)In the application of the preceding sub-paragraph to Scotland, for the references in paragraph (b) to a member's having become bankrupt and to a member's having made an arrangement with his creditors there shall be substituted respectively references to sequestration of a member's estate having been awarded and to a member's having made a trust deed for behoof of his creditors or a composition contract.