(1) A member of the Board may at any time resign his office by letter addressed to the Minister and the resignation shall take effect as on and from the date of the receipt of the letter by the Minister.

(2) A member of the Board shall be disqualified from holding and shall cease to hold office if he is adjudged bankrupt, or makes a composition or arrangement with creditors, or is sentenced by a court of competent jurisdiction to suffer imprisonment or penal servitude or ceases to be ordinarily resident in the State.