4B.—(1) The Board shall have a President who shall be elected by the members of the Board from among its members —
(a)
who have been elected under section 4(2)(c) or appointed under section 4(4); or
(b)
who have been appointed under section 4(2)(d).
(2) The President elected under subsection (1) shall serve for a term not extending beyond the expiration of the term for which he has been appointed or elected to be a member of the Board and shall be eligible for re-election for not more than 2 consecutive terms.