Paragraph 1

Subject to the following provisions of this paragraph, the members of the Agency (including the chairman) shall hold and vacate office in accordance with the terms of their respective appointments.

A person may at any time resign his office as a member or as chairman by giving to the Secretary of State a notice in writing signed by that person and stating that he resigns that office.

If the Secretary of State is satisfied that a member has become bankrupt or made and arrangement with his creditors the Secretary of State may declare his office as a member to be vacant and shall notify the declaration in such manner as the Secretary of State thinks fit; and thereupon the office shall become vacant.

In the application of sub-paragraph (3) above to Scotland, for the words “a member has become bankrupt or made an arrangement with his creditors” there shall be substituted the words “sequestration of a member’s estate has been awarded or that a member has made a trust deed for behoof of his creditors or a compensation contract”.