14.— (1) The chairperson shall hold office for such period, not exceeding 5 years from the date of appointment to the office, as the Minister may determine.

(2) Subject to subsection (3), an ordinary member shall hold office for such period, not exceeding 5 years from the date of appointment to the office, as the Minister may determine.

(3) Of the ordinary members of IFI first constituted under this section—

(a) 3 of them (selected in accordance with subsection (4)) shall hold office for a period of 3 years from the date of appointment to the office,

(b) 2 of them (selected in accordance with subsection (4)) shall hold office for a period of 4 years from the date of appointment, and

(c) the others shall hold office for a period of 5 years from the date of appointment.

(4) The ordinary members who are to hold office for a period of 3 or 4 years are, at a meeting of IFI held for the purpose, to be selected by—

(a) unanimous agreement of the ordinary members present at the meeting, or

(b) if for any reason unanimous agreement cannot be reached, the drawing of lots by those members, and

this subsection has effect only when all of the first membership of IFI has been appointed.

(5) A person appointed by the Minister under section 13 (1) shall hold office for 5 years from the date of appointment to the office.

(6) Any member of IFI who completes a term of office is eligible for reappointment to IFI, but may not serve more than 2 consecutive terms.

(7) A period of service as a member in accordance with an appointment under section 19(2) or (3) is considered for the purposes of subsection (6) to be a term of office.

(8) In this section “ordinary member” means a person appointed in accordance with section 12(1)(b), (c), (d) or (e).