Explanation:

The 1951, Finance Commission (Miscellaneous Provisions) Act, was proceed to give a structured format to the finance commission and to lead it to par with the world standards, by laying down rules for the qualification and for disqualification of members of the commission, and also for their appointment, term, eligibility and powers. Members Qualifications The Finance Commission Chairman is selected from the people with experience of the public affairs. The other 4 members are selected from the people who: 

* Are, or have been, or are even qualified, as the judges of a high court * Have a knowledge of government finances or accounts, or * Have a had experience in administration and financial expertise; or * Have a special knowledge of economics Disqualification from being the member of the commission A member may get disqualified if: * He/She is mentally unsound; * He/She is an undischarged insolvent; * He/She has been convicted of an immoral offence; * His/Her financial and other interests are such that it obstucts the smooth functioning of the commission. 

Terms for office of members and eligibility for their reappointment Every member shall be in office for the time period as specified in the order of the President, but is also eligible for reappointment provided he has, by means of the letter addressed to the president, resigned his office. Salaries and allowances of the members The members of the commission will provide full-time/part-time service to the commission, as the President describes in his order. The members will be paid salaries and allowances as per the provisions made by the Central Government.