Term of Office.
Section 5
SEC. 5. Term of Office. — The members of the Board shall hold office for a term of three years after their appointment or until their successors shall have been appointed and duly qualified. The members of the first Board appointed under this Act shall hold office for the following terms: one member (who shall be the Chairman of the Board) for one year, one member for two years and one member for three years. The chairmanship of the Board for any year shall be held by the member on his last tenure year as member of the Board. In case of death or removal for cause of any member, a new member shall be appointed by the President of the Philippines, and shall serve the unfinished term of his predecessor. Each member of the Board shall qualify by taking the proper oath of office prior to entering upon the performance of his duties.