The directors appointed under paragraphs (a) to (f) of section 4(1) of this Act shall hold office for a term of 3 years or such lesser term as the Minister shall specify in the notice of appointment, and, subject to subsection (4) of this section, may from time to time be reappointed.

The directors elected under section 4(1)(g) of this Act shall hold office for a term of 3 years and, subject to subsection (4) of this section and to any rules of the Trust, may from time to time be re-elected.

Subject in the case of any director elected under section 4(1)(g) of this Act to any rules of the Trust, every director holding office at the commencement of this section is hereby deemed to have been appointed for a term of 3 years commencing on the date of his appointment or election.

No person, whether appointed or elected as a director, shall be eligible to be a director for more than 9 years in total, and any director who holds office for 9 years shall be deemed to have resigned his office on the day on which the 9th year of service is completed.

For the purposes of subsection (4) of this section, any time spent as a director before the commencement of this section shall be counted in calculating the total period for which any director has held office.

Unless he sooner dies or vacates his office under section 7 of this Act, every director shall continue in office until his successor comes into office, notwithstanding that the term for which he was appointed has expired or his eligibility to remain a director has ceased.”