1) Membership of the Board of Directors terminates upon end of the term without renewal, or through death, or resignation. Membership of the Board of Directors may also be terminated by a federal decree, based on the Cabinet approval, in any of the following cases:

1. a. If the member committed grave mistakes in the management of the Central Bank, or committed serious breach of his duties.
2. b. If the member absented himself from three (3) consecutive meetings of the Board of Directors without the Board of Directors’ approval, unless such absence was due to being on an official assignment, annual or sick leave, or due to any other acceptable reason.
3. c. If the member no longer satisfies any of the membership conditions referred to in Article (12) of this decretal law.
4. d. If the member was rendered incapable of performing his functions, for any reason whatsoever.

2) Where term of the membership of the Board of Directors has expired without renewal, members of the Board of Directors shall continue to perform their functions until such time new members are appointed.