(1) A person shall not be qualified for appointment as the Presiding Officer of the Adjudicatory Board unless he is--retired Judge of the Supreme Court of India or a retired Chief Justice of a High Court.
    (2) A person shall not be qualified for appointment as a member of the Adjudicatory Board unless he is
        (a) a retired Chief Secretary of a State Government or equivalent; or
        (b) a retired Secretary of the Government of India or equivalent,
    and has an experience of not less than twenty years in the field of finance, commerce, administration, maritime, shipping or port related matters.
    (3) The Presiding Officer and members of the Adjudicatory Board shall be appointed by the Central Government on the recommendation of a Selection Committee consisting of the Chief Justice of India or his nominee, the Secretary of the Department dealing with Shipping and such other persons, and in such manner as may be prescribed.
    (4) The Presiding Officer and members of the Adjudicatory Board shall hold office for a term not exceeding five years from the date on which they enter upon their office or until they attain the age of seventy years, whichever is earlier.
    (5) The salaries and allowances payable to, and the other terms and conditions of service of, the Presiding Officer and members of the Adjudicatory Board shall be such as may be prescribed:
    Provided that neither the salary and allowance nor other terms and conditions of service of the Presiding Officer or members of the Adjudicatory Board shall be varied to their disadvantage after their appointment