(1) The Minister shall, before the establishment day, appoint such number of persons (not exceeding five) to be members of the Board as he thinks fit and the term of office of every person so appointed shall commence on the establishment day, and if any such person dies before the establishment day, a vacancy shall thereby exist in the membership of the Board immediately upon its establishment.

(2) After the establishment of the Board, the members thereof shall be appointed by the Minister from time to time as occasion requires.

(3) The term of office of a member of the Board shall be such period, not exceeding five years, as the Minister may determine when appointing him.

(4) A member of the Board whose term of office expires by effluxion of time shall be eligible for re-appointment.

(5) A member of the Board shall be paid, out of funds at the disposal of the Board, such remuneration and allowances for expenses as the Minister, with the consent of the Minister for Finance, determines.