The Industrial Property Act, 2001 10 representative. Functions and powers of the Board 7. The Board shall have all powers necessary for the proper performance of its functions under this Act and in particular but without prejudice to the generality of the foregoing, the Board shall have powers to (a) control, supervise and administer the assets of the Institute in such manner as best promotes the purpose for which the Institute is established; (b) determine the provisions to be made for capital and recurrent expenditure and for reserves of the Institute; (c) receive any grants, gifts, donations or endowments on behalf of the Institute and make legitimate disbursements therefrom; (d) enter into association with other bodies or organizations within or outside Kenya as the Board may consider desirable or ap propriate and in furtherance of the purpose for which the Institute is established; (e) open a banking account or banking accounts for the funds of the Institute; and (f) invest any funds of the Institute not immediately required for its purposes in the manner provided for in section 20. Conduct of business and affairs of the Board 8. (1) The conduct and regulation of the business and affairs of the Board shall be as provided for in the First Schedule. (2) Except as provided for in the First Schedule, the Board may regulate its own procedure. Remuneration of Board Members 9. The Board shall pay members of the Board such remuneration, or allowances for expenses as it may determine after consultation with the Minister for the time being responsible for finance. Delegation by the Board 10. The Board may, by resolution either generally or in any particular case, delegate to any committee or to any member, officer, employee or agent of the Institute, the exercise of any of the powers or duties of the Board under this Act or under any other written law. Managing Director 11. (1) There shall be a Managing Director of the Institute who shall be appointed by the Minister on the recommendation of the Board and whose terms and conditions of service shall be determined by the Board in the instrument of appointment or otherwise in writing from time to time. (2)No person shall be appointed under this section unless such person:(a) has at least seven years’experience in matters relating to industrial property; or