(1) The Secretary of State shall appoint persons to be company names adjudicators.
(2) The persons appointed must have such legal or other experience as, in the Secretary of State's opinion, makes them suitable for appointment.
(3) An adjudicator—
(a) holds office in accordance with the terms of his appointment,
(b) is eligible for re-appointment when his term of office ends,
(c) may resign at any time by notice in writing given to the Secretary of State, and
(d) may be dismissed by the Secretary of State on the ground of incapacity or misconduct.
(4) One of the adjudicators shall be
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