(1) The tenure of office of a director of a bank or financial institution shall be as provided in its articles of association, but not exceeding four years. Provided that:
(a) The Director appointed pursuant to Clause s (a) and (b) of the proviso to Section 17 shall hold his or her office only until the annual general meeting is held.
(b) The tenure of office of a director appointed to the office of any director which has fallen vacant before the expiry of his/her tenure of office shall be only the remainder of the tenure of office of that director whose office has so fallen vacant and in whose place he or she is appointed.
(2) A person retired from the office of director on expiry of his or her tenure of office shall be eligible for reappointment to the office of director.