8. (1) The [Chairman, Managing Director] and other Directors shall hold office for such period and on such terms and conditions as the Government may determine.
(2) The Government may, at any time, terminate the appointment of the [Chairman, Managing Director] or any other Director without assigning any reason.
(3) The [Chairman, Managing Director] 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.
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