(1) The members of the Board shall hold office for a period of five years from the date on which their nomination is notified in the Official Gazette: Provided that upon the expiry of the said period of five years they shall be eligible for renomination as members of the Board: Provided further that ex-officio members of the Board shall cease to hold office as such members upon their ceasing to hold the offices by virtue of which they were nominated as members of the Board. (2) Any casual vacancy among the members of the Board caused by death, resignation, physical or mental infirmity or otherwise, shall be filled by nomination in accordance with the provisions contained in sub-section (3) of section 9, and the person so nominated shall Act as a member of the Board for the residue of the term for which the member in whose place he is nominated would have held office as such member if the casual vacancy had not occurred.
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Section 1 · Short titleSection 2 · DefinitionsSection 3 · Accretions to the FundSection 4 · Income of the FundSection 5 · Vesting, investment and custody of its accretions and incomeSection 6 · Administration of the FundSection 7 · Establishment and incorporation of the BoardSection 8 · ContractsIndia Code, Government of India. Text fetched 17 Oct 2026. Source metadata reports last modification: 2025-07-14. Check the linked official text and subsequent notifications when applying a provision.