Part-time member term limits establish five-year tenure or age-based retirement, with eligibility for reappointment. Part-time members under the IBBI rules must have no financial or other interest likely to prejudicially affect their functions. The term of office is five years or until age 65, whichever is earlier, and they are eligible for reappointment. Earlier provisions that limited terms to three years by appointment order and a clause on casual vacancies were respectively substituted and omitted by later notifications.