THE INDUSTRIAL PROPERTY ACT, 2001 THE INDUSTRIAL PROPERTY ACT, 2001 ARRANGEMENT OF SECTIONS Section PART 1 - PRELIMINARY 1. Short title and commencement 2. Interpretation. PART II - ADMINISTRATION 3. Establishment and incorporation of the Institute. 4. Headquarters. 5. Functions of the Institute. 6. Board of Directors. 7. Functions and powers of the Board. 8. Conduct of business and affairs of the Board. 9. Remuneration of Board Members. 10. Delegation by the Board. 11. Managing Director. 12. Staff of the Institute. 13. The Common seal of the Institute. 14. Protection from personal liability. 15. Liability of the Board for damages. 16. Funds of the Institute. 17. Financial year. 18. Annual estimates. 19. Accounts and audit. 20. Investment of funds. PART III PATENTS: PATENTABILITY 21. Meaning of “invention”. 22. Patentable inventions. 23. Novelty. 24. Inventive step. 25. Industrial application.