3. Terms of office
(1) A member of the Board shall hold office during the pleasure of the Central Government.
(2) Subject to the provisions of sub-rule (1), the Chairman shall hold office for a period of three years and shall continue to hold office until his successor is appointed:
PROVIDED that pending the appointment of his successor of the Central Government may appoint another person to act as Chairman for a period not exceeding one year.
(3) Subject to the provisions of sub-rule (1), every other member shall hold office for a period not exceeding three years.
(4) A retiring member or a member whose term of office has expired by efflux of time shall be eligible for re-appointment.