The Industrial Property Act, 2001 57 reason only of a vacancy among the members thereof. (8) Subject to the provisions of this Schedule, the Board may determine its own procedure and the procedure for any committee of the Board or the attendance of other persons at its meetings and may make standing orders in respect thereof. Committees of the Board 4. (1) The Board may establish such committees as it may deem appropriate to perform such functions and responsibilities as it may determine. (2) The Board shall appoint the chairman of a committee established under subparagraph (1) from amongst its own members. (3) The Board may where it deems appropriate, co -opt any person to attend the deliberations of any of its committees. Disclosure of interest 5. (1) If a member is directly or indirectly interested in any contract, proposed contract or other matter before the Board and is present at a meeting of the Board at which the contract, proposed contract or other matter is the subject of consideration, he shall, at the meeting and as soon as reasonably practicable after the commencement thereof, disclose the fact and shall not take part in the consideration or discussion of, or vote on, any questions with respect to the contract or other matter, or be counted in the quorum of the meeting during consideration of the matter. (2) A disclosure of interest made under this paragraph shall be recorded in the minutes of the meeting at which it is made. The common seal 6.The affixing of the common seal of the Institute shall be authenticated by the signature of the Chairman and the Managing Director and any document not required by law to be made under seal and all decisions of the Board may be authenticated by the signatures of the Chairman and the Managing Director: Provided that the Board shall, in the absence of either the Chairman or the Managing Director in any particular matter, nominate one member to authenticate the seal on behalf of either the Chairman or the Managing Director. Contracts and instruments 7.Any contract or instrument which, if entered into or executed by a person not being a body corporate, would not require to be under seal, may be entered into or executed on behalf of the Board by any person generally or specially authorised by the Board for that purpose. SECOND SCHEDULE (s. 121 (2)) TRANSITIONAL AND SAVING PROVISIONS 1.In this Schedule Cap. 509 “former Act” means the Industrial Property Act repealed by section 121 of