(1) The Chairperson and other Members, shall hold office, as such, for a term of five years from the date on which he enters upon his office, but shall not be eligible for re-appointment:
     Provided that no Chairperson or other Member shall hold office, as such, after he attains --
         (a) in the case of the Chairperson, the age of sixty-five years; and
         (b) in the case of any other Member, the age of sixty-two years.
     Explanation.--For the purposes of this sub-section, a Member may be appointed as Chairperson of the Authority, but a person who has been the Chairperson shall not be eligible for appointment as a Member.
     (2) The salary and allowances payable to, and the other terms and conditions of service of, the Chairperson and other Members shall be such as may be prescribed.
     (3) The salary, allowances and other conditions of service of the Chairperson and other Members shall not be varied to their disadvantage after their appointment.
     (4) Notwithstanding anything contained in sub-section (1), the Chairperson or any Member may,--
         (a) relinquish his office by giving, in writing to the Central Government, a notice of not less than three months; or
         (b) be removed from his office in accordance with the provisions of section 8.
     (5) The Chairperson or any Member ceasing to hold office, as such, shall--
         (a) be ineligible for further employment under the Central Government or any State Government for a period of two years from the date he ceases to hold such office;
         (b) not accept any commercial employment including private for a period of two years from the date he ceases to hold such office; or
         (c) not represent any person before the Authority in any other manner.
     Explanation.--For the purposes of this sub-section,--
         (a) "employment under the Central Government or State Government" includes employment under any local or other authority within the territory of India or under the control of the Central Government or State Government or under any corporation or society owned or controlled by the Government.
         (b) "commercial employment" means employment in any capacity under, or agency of, a person engaged in trading, commercial, industrial or financial business in any field and includes also a director of a company or partner of a firm and it also includes setting up practice either independently or as partner of a firm or as an adviser or a consultant.