Regarding the board members, proposed subsection 15(1) says:
Each director is to be appointed or elected for a term of not more than three years, and may be reappointed or re-elected for subsequent terms of not more than three years each.
There is a hard cap, but they can be determined. If you look at “Determination of term” in proposed subsection 15(2), the length of a director's term is “set out by the Minister”, or “determined in accordance with the by-laws”, so terms can be shortened.