Term of Office.
Section 7
SEC. 7. Term of Office. - The Chairman and the members of the Board shall hold office for a term of three (3) years and until their successors shall have qualified: Provided, That a member of the Board may be reappointed for another term not exceeding three (3) years: Provided, further, That, in the event that only one (1) member of the Board is reappointed, he or she, by virtue of seniority, shall automatically become the Chairman of the new Board. However, in case two (2) or more members are reappointed, the best qualified among them, to be determined by all the members of the new Board, shall become the new Chairman of the Board: Provided, finally, That, in case all members of the old Board are reappointed or all members are new, all the members of the new Board shall determine the best qualified from among themselves who shall be recommended to the President of the Philippines to be the Chairman of the Board. Any vacancy in the Board occurring within the term of a member shall be filled for the unexpired portion of the term only. Each member of the Board shall take the proper oath of office prior to the performance of his or her duties.