(1) The Chancellor shall be elected by the Court and shall hold office for a term of three years:
     Provided that the Chancellor shall, notwithstanding the expiration of his term, continue to hold his office until the election of his successor.
     (2) If the office of the Chancellor becomes vacant, the functions of his office shall, until some person is elected under sub-section (1) to the vacant office, be performed by the Vice-Chancellor.