11. (1) Subject to this section and section 12, a member of the Board shall hold office for the period of 4 years from the date of his or her appointment.

(2) (a) Of the members who are first appointed to be members of the Board, other than the chairperson, 7 members, who shall be selected by the drawing of lots by the chairperson at a meeting of the Board to be held for that purpose as soon as may be after the establishment day, shall hold office for a term of 2 years from the date of their appointment.

(b) A member of the Board may be selected as one of the 7 members of the Board referred to in paragraph (a) notwithstanding the fact that he or she is not present at the meeting of the Board referred to in that paragraph.

(3) Each member of the Board shall be paid such remuneration (if any) and allowance for expenses (if any) as the Minister may, with the consent of the Minister for Public Expenditure and Reform, from time to time determine.

(4) Subject to subsection (5), a member of the Board whose term of office expires by the effluxion of time shall be eligible for reappointment as a member of the Board.

(5) A member of the Board who has served two terms of office shall not be eligible for reappointment to the Board.

(6) (a) Where a member of the Board dies, resigns, ceases to be qualified for office and ceases to hold office or is removed from office, the Minister may appoint a person to be a member of the Board to fill the casual vacancy so occasioned in the same manner as the member of the Board who occasioned the casual vacancy was appointed.

(b) A person appointed to be a member pursuant to paragraph (a) shall hold office for that period of the term of office of the member who occasioned the casual vacancy concerned that remains unexpired at the date of his or her appointment and shall, subject to subsection (5), be eligible for reappointment as a member of the Board on the expiry of the said period.

(c) A term of office of the Board of any duration arising from an appointment under this subsection shall be regarded as a term of office for the purposes of subsection (5).