law: Sick Industrial Companies (Special Provisions) Act, 1985
  6. Term of office, conditions of service, etc. of Chairman
  
  and other members 
  (1) Before appointing any person as the Chairman or other
  
  member, the Central Government shall satisfy itself that the person does not
  
  and will not, have any such financial or other interest as is likely to affect
  
  prejudicially his functions as such member.
  (2) The Chairman and every other member shall hold office for
  
  such period, not exceeding five years, as may be specified by the Central
  
  Government in the order of his appointment, but shall be eligible for
  
  reappointment :
  PROVIDED  that no person shall hold office as the
  
  Chairman or other member after he has attained the age of sixty-five years.
  (3) Notwithstanding anything contained in sub-section (1), a
  
  member may- 
  (a) by writing under his hand and addressed to
  
  the Central Government resign his office at any time;
  (b) be removed from his office in accordance
  
  with the provisions of section 7.
  (4) A vacancy caused by the resignation or removal of the
  
  Chairman or any other member under sub-section (3) or otherwise shall be filled
  
  by fresh appointment.
  (5) In the event of the occurrence of a vacancy in the office of
  
  the Chairman by reason of his death, registration or otherwise, such one of the
  
  members as the Central Government may, by notification, authorize in this
  
  behalf shall act as the Chairman till the date on which a new Chairman,
  
  appointed in accordance with the provisions of this Act, to fill such vacancy,
  
  enters upon his office.
  (6) When the Chairman is unable to discharge his functions owing
  
  to absence, illness or any other cause, such one of the members as the Chairman
  
  may authorize in writing in this behalf, shall discharge the functions of the
  
  Chairman, till the date on which the Chairman resumes his duties.
  (7) The salaries and allowances payable to and the other terms
  
  and conditions of service of the Chairman and other members shall be such as
  
  may be prescribed:
  PROVIDED  that neither the salary and allowances nor the
  
  other terms and conditions of service of the Chairman or any other member shall
  
  be varied to his disadvantage after his appointment.
  (8) The Chairman and every other member, shall, before entering
  
  upon his office make a declaration of fidelity and secrecy in the form set out
  
  in the Schedule.
  (9) The Chairman or any other member ceasing to hold office as
  
  such shall not hold any appointment or be connected with the management or
  
  administration in any company in relation to which any matter has been the
  
  subject matter of consideration before the Board or, as the case may be, the
  
  appellate authority, for a period of five years from the date on which he
  
  ceases to hold such office.