Communications 2003 No. 19 A 347 (a) any vacancy in the membership of the Board, or Committee (b) any defect in the appointment of a member of the Board or Committee ; or Section 5(4). (c) reason that any person not entitled to do so took part in the proceedings of the Board or Committee. 12. No member of the Board or the Board’s Committee shall be personally liable for any act or omission done or made in good faith while engaged on the business of the Commission. SECOND SCHEDULE CONFLICT OF INTEREST 1. Subject to the provisions of this Schedule, no Commissioner or staff of the Commission shall have a direct or indirect financial interest or investment in any Nigerian communications company throughout the tenure of his office or employment with the Commission. 2. Subject to paragraphs 3 and 4 hereof, each Commissioner or staff of the Commission shall on an annual basis present a written declaration affirming the nonexistence of any such interest as is specified in paragraph 1 and shall pledge to disclose and inform the Commission of any such relationship or interest that arises or is likely to arise during his tenure or employment with the Commission. 3. Serving Commissioners and staff of the Commission as at the commencement date of this Act shall be entitled to a maximum of 6 months from the said commencement date within which to divest themselves of their direct or indirect financial interests or investment in any Nigerian communications company, if any. 4. All newly appointed Commissioners and staff of the Commission after the commencement of this Act shall be entitled to a maximum of 6 months from their respective dates of appointments within which to divest themselves of their direct or indirect financial interests or investments in any Nigerian communications company, if any. 5. Each Commissioner or staff of the Commission shall declare on appointment or at the commencement of employment and annually thereafter, for as long as he serves the Commission, any interest or investment that he— (a) knowingly has ; or (b) knows any member of his immediate family to have in any aspect of the Nigerian communications industry. 6. If a Commissioner or staff of the Commission contravenes the provisions of paragraphs 1 and 2 of this Schedule, or gives false information under paragraph 5 of this Schedule, he shall be liable, on conviction, to the payment of a fine not exceeding N100,000.00 or imprisonment of a term not exceeding 1 year or to both. 7. Subject to paragraph 8 of this Schedule, the Board may from time to time waive the application of the prohibitions specified in paragraph 1 and 2 of this Schedule to any Commissioner or staff of the Commission if the Board determines that the financial Cap. 192 LFN 1990.