5(1)Subject to the following provisions of this paragraph, a person shall hold and vacate office as a member of the Authority in accordance with the terms of his appointment.
(2)A person shall not be appointed as a member of the Authority for more than three years at a time.
(3)A member may at any time resign his office by giving notice to the Secretary of State.
(4)A person who ceases to be a member of the Authority shall be eligible for re-appointment (whether or not in the same capacity).
(5)If the Secretary of State is satisfied that a member of the Authority—
(a)has been absent from meetings of the Authority for six consecutive months or longer without the permission of the Authority, or
(b)has become bankrupt or made an arrangement with his creditors, or, in Scotland, has had his estate sequestrated or has granted a trust deed for or entered into an arrangement with his creditors, or
(c)is unable or unfit to discharge the functions of a member,
the Secretary of State may declare his office as a member of the Authority vacant, and notify the declaration in such manner as he thinks fit; and thereupon the office shall become vacant.