(1) Subject to subsection (3), the Principal Act is hereby amended -

(a) by the substitution of the following subsection for subsection (3) of section 5:

"(3) The Bank shall be conducted and managed in accordance with this Act by a Board of Directors consisting of -

(a) a Governor, and

(b) such number of other Directors (not exceeding nine and not including at any one time more than two service Directors) as the Minister shall from time to time determine.";

(b) by the deletion of sections 14(5), 23(7) and 29;

(c) by the substitution of the following section for section 24:

"24. Tenure of office of the Directors.

(1) Every Director (other than a service Director and a Director appointed to fill a casual vacancy) shall, unless he sooner dies, resigns or becomes disqualified, hold office for five years from the expiration by effluxion of time of the term of office of his predecessor.