(1) The term of office of a member of the board oversight committee -

(a) shall begin at the conclusion of the general meeting at which the member is elected,

(b) shall not extend beyond the third subsequent annual general meeting after being so elected, and

(c) subject to the provisions of this Act and all other applicable legal requirements, shall be determined in accordance with the registered rules,

but, except where this Act or any other applicable legal requirement or the registered rules otherwise provides, a retiring member of the committee shall be eligible for re-election.

(2) The rules for retirement from the board oversight committee shall be as follows:

(a) where the committee consists of 3 members, one shall retire at each annual general meeting;

(b) where the committee consists of 5 members, 2 shall retire at each annual general meeting;

(c) subject to paragraph (d), the members to retire at any time shall be those who have served longest since they were last elected;

(d) as between members who were last elected on the same day, the member (or members) to retire shall be determined by agreement or, in default of agreement, by the drawing of lots.