(1) Of the ordinary Commissioners, three (in this Act referred to as elected Commissioners) shall be elected in accordance with this Act by representatives of the Shareholding Banks and three (in this Act referred to as nominated Commissioners) shall be nominated in accordance with this Act by the Minister.
(2) Two of the nominated Commissioners shall be persons who are representative of or experienced in business, industry, or trade and are not in the permanent service of the State, and the other nominated Commissioner may, at the discretion of the Minister be a person who is in or a person who is not in the permanent service of the State and shall, if but only if the Minister when nominating him so directs, hold office at the pleasure of the Minister.
(3) Every ordinary Commissioner shall receive such remuneration and allowances and be subject to such conditions of service as the Minister shall from time to time determine having regard to the prevailing standards of the Sharehol