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(b) (i) the term of each member of the first Board of the Bank except the Governor and Deputy Governor, shall expire six months after the establishment of the Bank, and (ii) the term of the Governor and Deputy Governor shall expire one year after the establishment of the Bank; (c) all members of the first Board of the Bank shall be eligible for re-appointment. (1) During the absence or disability of the Governor or during any vacancy in the office of the Governor, the Deputy Governor shall exercise the powers and duties of that office. The Board shall make provision for the simultaneous absence or disability of the Governor and the Deputy Governor. (2) The Governor and the Deputy Governor shall devote the whole of their professional time to the service of the Bank and while holding office shall not without the prior approval of the Board engage in any business, profession or employment, whether remunerated or not, but they may - (a) act as members of any board or commission appointed by the Council; (b) become governors, alternate governors, directors or members of any organ, by whatever name called, of any international financial institution, established under any agreement or convention to which one or more of the Participating Governments shall have adhered or given support or approval; (c) become members of the board of any corporation organised by one or more of the Participating Governments for the purpose of insuring deposits in financial institutions. (3) The Governor and the Deputy Governor shall not receive any salary or contribution to, or supplementation thereof from any source other than the Bank without the approval of the Council. (4) The Directors shall be paid such remuneration as shall be determined by the Board with the approval of the Council. The Board shall have power to determine allowances to be paid to Directors. (Am 2015) 11. (1) No person shall be appointed or shall remain Governor, Deputy Governor or appointed Director of the Bank who is or becomes - (a) Director, officer or employee of any financial institution within or without the territories of Participating Governments: Provided that Directors of whollyowned Government Institutions may serve as Directors; (b) member of the legislature (by whatsoever name called) of a Participating Government. (2) The Governor, the Deputy Governor or any appointed Director may resign his office by giving notice in writing to the Council. 10. (Am ’91)

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