The following section is hereby substituted for section 24 (as amended by section 14 of the Act of 1989) of the Act of 1942:
(1) Every Director of the Board (other than a service Director) shall, unless he sooner dies, resigns or becomes disqualified, hold office for a period of five years from the date of appointment.
(2) Every service Director shall hold office at the pleasure of the Minister and may be removed by the Minister at any time.
(3) This section shall apply to every Director of the Bank who holds office on the commencement of section 50 of the Central Bank Act, 1997.".