(1) A member of the Board shall be appointed to hold office for a period of three years from the date of his appointment, and unless disqualified by this Act any person retiring from membership on the Board shall be eligible for renomination and reappointment as a member of the Board.

(2) The exercise of a power or the performance of a function by the Board is not invalidated by reason only that there is a vacancy or vacancies in the membership of the Board.

(3) The appointment of a member is not invalidated and shall not be called into question by reason of a defect or irregularity in or in connection with his nomination.