(1) The Parliamentary Budget Officer holds office for the period determined by the Governor in Council and specified in the instrument of appointment.
(2) The period specified under subsection (1) must be—
(a) no less than 4 years; and
(b) unless subsection (3) applies, no more than 8 years.
(3) If the person has previously held office as the Parliamentary Budget Officer, the period specified under subsection (1) must not, when added to the periods for which the person has previously held that office, be more than 9 years.
(4) If the last day of the period specified under subsection (1) falls within an election costing period, the period specified under subsection (1) is taken to be extended until the earlier of—
(a) the first anniversary of that day; or
(b) the date that the appointment of a person as Parliamentary Budget Officer takes effect.
(5) Subject to section 6(5), the Parliamentary Budget Officer is eligible for reappointment.