Notwithstanding anything to the contrary in any other Act, on and after the first day of June, nineteen hundred and sixty-one, the Board shall consist of thirteen members appointed or elected as follows:

Subject to the provisions of this section, every member of the Board shall hold office for a term of three years, but may from time to time be reappointed or re-elected.

Every member of the Board, unless he sooner vacates his office under section 10 of this Act, shall continue in office until his successor comes into office.

On the thirty-first day of May, nineteen hundred and sixty-one, all members of the Board as it is then constituted shall go out of office.

The first members of the Board, as it is to be constituted on the first day of June, nineteen hundred and sixty-one, shall be appointed and elected in the prescribed manner not later than the thirty-first day of May in that year, and shall come into office on the first day of June in that year.

The Governor-General may from time to time, by Order in Council, make regulations providing for the appointment and election of members of the Board.

Five members of the Board shall constitute a quorum.”

If any member of the Board dies or resigns or otherwise vacates his office, the vacancy shall be filled as soon as practicable thereafter by the appointment or election of a new member in the manner in which the vacating member was appointed or elected, and the member so appointed or elected to fill the vacancy shall be appointed or elected for only the residue of the term of the vacating member:

“Provided that, where any such vacancy is to be filled by election, the Board may in its discretion decide that no election shall be held if the vacancy occurs after the month of October immediately preceding the next ordinary election and before the persons elected at the ordinary election assume office.

The powers of the Board shall not be affected by any vacancy in the membership thereof.”