47B. Term of office, conditions of service, etc., of Chairperson and other Members.-
(1) The Chairperson or a Member shall hold office for a term of five years from the date on which he enters upon his office or until he attains the age of sixty-five years, whichever is earlier.
(2) The salaries and allowances payable to and other conditions of service of the Chairperson and the other Members shall be such as may be prescribed by the Central Government.
(3) Notwithstanding anything contained in sub-section (1), the Chairperson or a Member may-
(a) relinquish his office by giving in writing to the Central Government a notice of not less than three months; or
(b) be removed from his office in accordance with the provisions of section 47D.
(4) If a casual vacancy occurs in the office of the Chairperson or any Member, whether by reason of his death, resignation or inability to discharge his functions owing to illness or other incapacity, such vacancy shall be filled up by the Central Government by making a fresh appointment and the Chairperson or the Member so appointed shall hold office for the remainder of the term of office of the person in whose place he is so appointed.