The Indian Institutes of Management Act, 2017
12. Term of office of, vacancies among, and allowances payable to members of Board.-
(1) Save as otherwise provided in this section, the term of office of the Chairperson or any other member of the Board, other than an ex officio member, shall be four years from the date of his appointment or nomination:
Provided that the term of office of a member nominated under clause (e) of sub-section (2) of section 11 shall be two years from the date of his nomination:
Provided further that the Chairperson, or any other member of the Board, other than an ex officio member, may be appointed or nominated for a second term:
Provided also that the Chairperson or any other member of the Board, other than an ex officio member, shall not be appointed or nominated for more than two consecutive terms.
(2) The term of office of an ex officio member shall continue so long as he holds the office by virtue of which he is a member of the Board.
(3) A member of the Board, other than a nominee of the Central Government or the State Government, who fails to attend three consecutive meetings of the Board without permission of the Chairperson, shall cease to be a member of the Board.
(4) A casual vacancy of a member shall be filled up in accordance with the provisions of section 10.
(5) The term of office of a member nominated to fill a casual vacancy shall continue for the remainder of the term of the member in whose place he has been so nominated.
(6) Members of the Board shall be entitled to such allowances, as may be specified in the regulations, for attending meetings of the Board.
(7) The Board shall meet at least once in every three months.