—(1) For the purpose of determining appeals in respect of any award made by the Collector under this Act, in any case where the appeal is against an award of —
$250,000 or more, the Board shall consist of the Commissioner or the Deputy Commissioner sitting with two persons selected by the Commissioner or the Deputy Commissioner, as the case may be, from the panel appointed under subsection (2);
less than $250,000, the Board shall consist of the Commissioner or the Deputy Commissioner sitting alone or, if he thinks fit, with two persons selected by the Commissioner or the Deputy Commissioner, as the case may be, from the panel appointed under subsection (2).
(2) For the purpose of enabling the Board to be constituted under subsection (1), there shall be a panel of assessors (referred to in this Act as the panel), the members of which shall be appointed by the Minister. The panel shall consist of such number of persons as the Minister may think fit, and the name of every person appointed to the panel shall be published in the Gazette.
(3) No person shall be eligible to be appointed or to remain a member of the panel who —
is an undischarged bankrupt;
has been sentenced to imprisonment for a term exceeding 6 months and has not received a free pardon; or
is mentally disordered and incapable of managing himself or his affair.
(4) A person appointed to the panel shall, save where his appointment is revoked by the Minister under subsection (6), be a member of the panel, unless he resigns during the period of the appointment, for a period of two years or for such shorter period as the Minister may in any case determine, but shall be eligible for reappointment.
(5) Where a person ceases to be a member of the panel the Minister shall, as soon as is reasonably practicable, take steps to fill the vacancy, but the existence of any vacancy in the panel shall not invalidate the acts of the Board.
(6) The Minister may at any time revoke the appointment of a member of the panel.
(7) There shall be paid to the members of the panel such salaries, fees and allowances as the Minister may determine.