viii. the Director General of the Intellectual Property Office, who shall be a non- voting member and Secretary to the Board; ix. three persons selected on the basis of their qualifications and experience in technology, performing arts, literary arts, or other innovations; b) There shall be no alternate members. §5.3. Tenure of Board Members a) A member of the Board shall hold office: i. on such terms and conditions as may be specified in his/her appointment which shall, in the first instance, be for a period of three years; and ii. only for a subsequent period of three years, or not more two terms of three years each. b) In the event the tenure of service of a member expires, such member shall continue to serve until a replacement is appointed and ready to assume office. c) The President may terminate or suspend the appointment of a member, including the Chairperson: i. for the member's physical or mental inability to perform the functions of his/her office; ii. for gross misbehavior or incompetence; or iii. if the member is convicted of a criminal offense. §5.4. Powers and functions of the Board The Board shall have all powers necessary for the proper performance of its functions under this Act and in particular but without prejudice to the generality of the foregoing, the Board shall have powers to: a) control, supervise and administer the assets of LIPO such manner as best promotes the purpose for which LIPO is established; b) determine the provisions to be made for capital and recurrent expenditure and for reserves of LIPO; c) enter into association with other bodies or organizations within or outside Liberia as the Board may consider appropriate and in furtherance of the purpose for which LIPO is established; d) authorizing the opening of a bank account or bank accounts for the funds of LIPO. 11