The Industrial Property Act, 2001 11 (b) has a university degree in law, science, information technology or business administration from a recognized university. (3) The Managing Director shall: (a) be an ex-officio member of the Board but shall have no right to vote at any meeting of the Board; (b) be the secretary to the Board; and (c) subject to the directions of the Board, be responsible for the day to day management of the affairs of the Institute. Staff of the Institute 12. The Board may appoint such Deputy Managing Directors, Assistant Managing Directors, examiners and such officers or other staff of the Institute as are necessary for the proper discharge of its functions under this Act or any other written law, upon such terms and conditions of service as the Board may determine. The common seal of the Institute 13. (1) The common seal of the Institute shall be kept in such custody as the Board may direct and shall not be used except on the order of the Board. (2) The common seal of the Institute when affixed to a document and duly authenticated shall be judicially and officially noticed and unless and until the contrary is proved, any necessary order or authori zation by the Board under this section shall be presumed to have been duly given. Protection from personal liability 14. No matter or thing done by a member of the Board or any officer, employee or agent of the Institute shall, if the matter or thing is done bona fide for executing the functions, powers or duties of the Institute, render the member, officer, employee or agent or any person acting on his directions personally liable to any action, claim or demand whatsoever. Liability of the Board for damages 15. The provisions of section 14 shall not relieve the Institute of the liability to pay compensation or damages to any person for an injury to him, his property or any of his interests caused by the exercise of the powers conferred on the Board by this Act or any other written law or by the failure, whether wholly or partially, of any works. Funds of the Institute 16. (1) The funds of the Institute shall comprise of: (a) such sums as may be granted to the Institute by the Minister pursuant to subsection (2); (b) such monies or assets as may accrue to or vest in the Institute in the course of the exercise of its powers or the performance of its functions under this Act or under any other written law; and