(4) The Vice- Chancellor shall hold office for a term of five years from the date on which he enters upon his office, or until he attains the age of sixty- five years, whichever is earlier, and he shall not be eligible for re- appointment: Provided that notwithstanding the expiry of the said period of five years, he shall continue in office until his successor is appointed and enters upon his office: Provided further that the Visitor may direct any Vice- Chancellor after his term has expired, to continue in office for such period, not exceeding a total period of one year, as may be specified by him.