(3)The Directors of the Board shall have staggered terms such that at any point of time the vacancies arising as a result of the terms of Directors coming to an end, are less than one half of the total strength of the Board :Provided that the term of a Director shall not exceed five years :Provided further that at the first election all the Directors shall be elected at once, and their terms staggered by drawal of lots specifying different terms.
