15.— (1) Where the chairperson of IFI ceases to hold such office, he or she shall also cease to be a member of IFI.

(2) Where the chairperson of IFI ceases to be a member of IFI, he or she shall also cease to be chairperson of IFI.

(3) The chairperson of IFI may at any time resign his or her office as chairperson by letter addressed to the Minister and the resignation shall, unless it is previously withdrawn in writing, take effect at the commencement of the meeting of IFI held next after IFI has been informed by the Minister of the resignation.

(4) The chairperson of IFI shall, unless he or she sooner dies or otherwise ceases to be chairperson by virtue of subsection (2) or (3), hold such office until the expiration of his or her period of membership of IFI and if he or she is reappointed as a member of IFI, he or she shall be eligible to be designated as chairperson of IFI in accordance with section 12(1)(a).