(1)If a director—
(a)becomes subject to any disqualification specified in section 12, or
(b)is absent without leave of the Board for more than three consecutive meetings thereof,
his seat shall thereupon become vacant.
5[(2) A director may resign his office by giving notice thereof in writing to the authority by which he was nominated; and, on such resignation being accepted, the director shall be deemed to have vacated his office.]