(1) The chairman and members of the Board of Directors constituted as per Section 13 shall not continue in their positions under any of the following circumstances.
(a) If removed by the Government of Nepal,
(b) If the term of office expires,
(c) If the written resignation submitted to the Government of Nepal is accepted,
(d) In case of death.
(2) If the position of chairman or any member becomes vacant due to the reason as per sub-section (1), another person may be nominated for the remainder of the term.