7. (1) The Board of each Corporation shall consist of the Managing Director and six other Directors to be appointed by the Government, at least three of whom shall be from amongst persons who, in the opinion of the Government, have had the experience and shown capacity in the field of insurance.
(2) The Government shall appoint one of the Directors, other than the Managing Director, to be the Chairman of the Board.
(3) The Chairman and other Directors of a Corporation, other than the Managing Director, shall, unless removed earlier, hold office for a term of three years and shall be eligible for re-appointment:
Provided that the Government may at any time remove any Director, including the Chairman, from office and appoint in his stead another person to fill the vacancy.
(4) The Chairman or any other Director may at any time resign his office by notice in writing addressed to the Government:
Provided that no resignation shall take effect until it has been accepted by the Government.