(1)Ministers—
(a)must appoint one of the Regulator’s members to chair meetings of the Regulator, and
(b)may appoint another of the Regulator’s members to act as deputy to that member.
(2)A member so appointed vacates office on ceasing to be a member of the Regulator.
(3)The member appointed to chair the meetings and any member appointed to act as deputy to that member otherwise hold and vacate office as such in accordance with the terms of their appointments.
(4)A member so appointed may, by notice to Ministers, resign from office as such.
(5)Where a member—
(a)is appointed to chair meetings or to act as deputy, or
(b)ceases to hold office as such,
Ministers may vary the terms of the member’s appointment so as to alter the date on which office as a member is to be vacated.