(1) The board shall consist of seven members appointed under subsection (2) by the Cabinet.
(2) The Cabinet shall appoint as members of the board-
(a) four estate agents nominated by the institute;
(b) three other persons who, in the opinion of the Cabinet, are fit to serve as members of the board.
(3) If after the expiry of a period of three months from the date on which the Secretary for Economic Affairs in writing requested the institute to nominate estate agents in accordance with subsection (2)(a), the institute has failed to nominate in accordance with that subsection estate agents, the Cabinet shall appoint suitable estate agents as members of the board in the place of the estate agents he would have appointed if the institute had not so failed to so nominate estate agents.
(4) The board shall from time to time elect from among its members a chairman and vice-chairman of the board, who shall hold office for a period of one year, and, if neither the chairman nor the vice-chairman is present at any meeting of the board, the members present shall elect from among their number a person to preside at such meeting.
(5) A member of the board shall hold, office for such period, but not more than three years, and on such conditions as the Cabinet may determine at the time of his appointment: Provided that any member shall, subject to the provisions of subsections (2) and (3), on the expiry of his term of office be eligible for reappointment.
(6) No person shall be appointed as a member of the board if he-
(a) is an unrehabilitated insolvent;
(b) has failed or is unable to comply in full with a judgment or order, including an order as to costs, given against him by a court of law in civil proceedings;
(c) has been convicted of an offence involving an element of dishonesty or has been sentenced for any other offence to a period of imprisonment without the option of a fine; or
(d) is not in possession of an identity document issued under section 2 of the Identification of Persons Act, 1979 (Act 2 of 1979).
(7) A member of the board shall vacate his office if he-
(a) becomes subjected to any disqualification referred to in subsection (6);
(b) becomes of unsound mind;
(c) in the case of a member appointed in accordance with the provisions of section (2)(a) or (3), ceases to be an estate agent;
(d) fails to comply with a condition referred to in subsection (5) applicable to him; or
(e) has been absent from more than two consecutive meetings of the board without the leave of the board.
(8) If any member of the board dies, or resigns by notice in writing addressed to the Cabinet, or ceases to be a member of the board in terms of subsection (7), the Cabinet may, with due regard to the provisions of subsections (2) and (3), appoint any person as successor to such member for the unexpired period of office of such member.