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3(1)Every member of the Residuary Body shall hold and vacate office in accordance with the terms of his appointment but subject to the following provisions of this paragraph.
(2)Any member may resign his office by notice in writing to the Secretary of State.
(3)The Secretary of State may remove a member from office if that member—
(a)has become bankrupt or made an arrangement with his creditors;
(b)is incapacitated by physical or mental illness;
(c)has been absent from meetings of the Residuary Body for a period of three months otherwise than for a reason approved by it; or
(d)is, in the opinion of the Secretary of State, otherwise unable or unfit to discharge the functions of a member.
(4)A person shall cease to be chairman of the Residuary Body if he—
(a)resigns as such by notice in writing to the Secretary of State; or
(b)ceases to be a member of the Residuary Body.
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