When any Registered Employment Position is vacant, a Licensed Person shall fill the vacany within a period not exceeding six months, except the Chief Executive Officer as the Licensed Person shall appoint a replacement within a period not exceeding one year from the date of such vacancy, provided that the Licensed Person shall assign one of the Members of the Board of Directors or one of their Senior Executives registered in the Authority to undertake the duties of the Chief Executive Officer during that period and shall notify the Authority within five Business Days from the date of conducting such action.