Section 1. A term of office shall commence from the time a school year starts and ends after the election of new officers.

Section 2. If there would be a vacancy in any position, an election would be called for within ten days after such vacancy. An appointment could also be an option.

Section 3. An officer can run for the vacant position provided that he/she files a temporary leave to the officers of the Junior Financial Executives Institute of the Philippines – De La Salle Lipa Chapter five school days before the scheduled election.