3(1)Subject to the following provisions of this paragraph, the Director shall hold and vacate office in accordance with the terms of his appointment.
(2)The Director shall be appointed for a term not exceeding five years.
(3)At the end of a term of appointment the Director shall be eligible for re-appointment.
(4)The Director may at any time resign his office by notice in writing addressed to the Secretary of State.
(5)The Secretary of State may remove the Director from office—
(a)if a bankruptcy order has been made against him, or his estate has been sequestrated or he has made a composition or arrangement with, or granted a trust deed for, his creditors; or
(b)if satisfied that he is otherwise unable or unfit to discharge his functions.
(6)The Director’s terms of appointment may provide for his removal from office (without assigning cause) on notice from the Secretary of State of such length as may be specified in those terms, subject, if those terms so provide, to compensation of such amount as the Secretary of State may, with the approval of the Treasury, determine.