1(1)The Board shall* consist of three ex officio members, namely,—
(a)the Governor of the Bank for the time being, who shall be the chairman of the Board,
(b)the Deputy Governor of the Bank for the time being, and
(c)the Chief Cashier of the Bank for the time being,
and such ordinary members as shall from time to time be appointed under sub-paragraph (2) below.
(2)The Governor of the Bank shall appoint as ordinary members of the Board—
(a)three persons who are directors, controllers or managers of contributory institutions ; and
(b)persons who are officers or employees of the Bank.
(3)Each ex officio member of the Board may appoint an alternate member, being an officer or employee of the Bank, to perform his duties as a member in his absence.
(4)Each ordinary member of the Board may appoint an appropriately qualified person as an alternate member to perform his duties as a member in his absence; and for this purpose a person is appropriately qualified for appointment as an alternate—
(a)by a member appointed under paragraph (a) of sub-paragraph (2) above, if he is a director, controller or manager of a contributory institution; and
(b)by a member appointed under paragraph (b) of that subparagraph, if he is either an officer or employee of the Bank.
(5)Ordinary and alternate members of the Board shall hold and vacate office in accordance with the terms of their appointment