Section 5. Appointment of Chairperson and Members and Chairperson and Members not to have financial or other interest.

(1) The Governor shall, on the advice of the State Government, appoint a person as Chairperson and other Members of the Board. (2) The person appointed as a Chairperson or a Member of the Board must not have any financial or other interest which is likely to prejudicially affect his function as a Chairperson or a Member of the Board or hold any share or interest, whether in his own name or otherwise in the body corporate or association of persons or a firm that is engaged in the business of construction of buildings providing housing accommodation and carrying on business of sale or disposal of flats in such buildings. (3) The appointments of the Chairperson and the Members of the Board shall be notified in the Official Gazette. (4) The persons appointed as the Chairperson and Members of the Board shall, before entering upon office, make and subscribe before the Governor an oath or affirmation according to the form as prescribed by rules. (5) The person appointed as a Chairperson or a Member of the Board may, by writing under his hand addressed to the Governor, resign his office.