(1) The Chairperson and the Members appointed under this Act shall hold office for a term of three years from the date on which they assume office and shall be eligible for re-appointment:

   Provided that no person shall hold office as the Chairperson or Member after he has attained the age of sixty-five years.

   (2)  The Chairperson and every Member shall, before entering office, make and subscribe to, an oath of office and of secrecy, in such form and in such manner and before such Authority as may be prescribed.

   (3)  Notwithstanding anything contained in sub-section (1), the Chairperson or Member may—

   (a)  relinquish his office, by giving in writing to the Central Government, a notice of not less than thirty days; or

   (b)  be removed from his office in accordance with the provisions of section 15.

   (4)  The salaries and allowances payable to, and the other terms and conditions of service of, the Chairperson and allowances or remuneration payable to part-time Members shall be such as may be prescribed.