2. Terms of office of members.
(1) In this paragraph -
(a) "first anniversary" means 1 May 2008, and
(b) "subsequent anniversary" means 1 May of each subsequent year.
(2) Appointed members hold office for an indefinite period up to a maximum of 15 years.
(3) However, the Regulatory Authority may make rules of procedure under paragraph 8(2) of this Schedule for the purpose of determining terms of office of the members and of securing that on, or in,
(a) the years prior to the first anniversary, or
(b) the year prior to each subsequent anniversary date,
not less than 2 of the appointed members shall have ceased to hold office by virtue either of this paragraph or paragraph 5(2) (a) to (k) of this Schedule.
(4) If, in the years prior to the first anniversary or the year prior to each subsequent anniversary,
(a) no appointed member ceases to hold office under paragraph 5(2) (a) to (k) of this Schedule, then the terms of office of 2 appointed members must be completed o