the Chairman who shall be appointed by the President on the recommendation of the Cabinet;
(b)
the Deputy Chairman who shall be appointed by the President for a specific period and shall vacate his office without prejudice to his eligibility for reappointment at the expiration of that period; and
(c)
4 other members possessing recognised banking, financial or business experience who shall be appointed by the President from time to time for such period as the President may decide.
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(2) Subject to subsection (3), the members of the Board shall be appointed for a term not exceeding 3 years and shall be eligible for reappointment.
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(3) The President, acting in his discretion, may refuse to appoint any person as Chairman, Deputy Chairman or a member of the Board under subsection (1) or to revoke any such appointment if the President does not concur with the advice or recommendation of the Cabinet or a Minister acting under the general authority of the Cabinet.
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(4) The Deputy Chairman shall act for the Chairman whenever the Chairman is absent.
(5) If the Deputy Chairman is temporarily absent from Singapore or temporarily incapacitated through illness or any other sufficient reason from the performance of his duties, another person may be appointed by the President during such temporary absence or incapacity.
(6) If a member appointed under subsection (1)(c) suffers an incapacity which is likely to be prolonged, the President may appoint a temporary substitute to act with the full powers of that member until such time as the President determines that the incapacity has ceased.