INVENTIONS 1 These Regulations may be cited as the National Research Development Corporation Regulations 1986 and shall come into operation on 14th April 1986. 2 Subject to the provisions in these Regulations a person shall hold and vacate office as a member or the chairman or the managing director of the National Research Development Corporation (in these Regulations referred to as “ the Corporation ”) in accordance with the terms of the instrument appointing him to that office. 3 A person who is a member of the Corporation or whom the Secretary of State proposes to appoint as a member of the Corporation shall have no such financial interest or other interest as is likely to affect prejudicially the performance of his functions as a member. 4 A person may at any time resign his office as a member or the chairman or the managing director of the Corporation by giving to the Secretary of State a signed notice in writing stating that he resigns that office. 5 Where a member becomes or ceases to be the chairman or the managing director the Secretary of State may vary the terms of the instrument appointing him a member so as to alter the date on which he is to vacate office as a member. 6 If the chairman or the managing director ceases to be a member, he shall cease to be the chairman or managing director, as the case may be. 7 A person who is a member or whom the Secretary of State proposes to appoint as a member of the Corporation shall, whenever requested by the Secretary of State to do so, furnish the Secretary of State with such information as he may specify with a view to establishing that the requirements in Regulation 3 above are being complied with. 8 1 If the Secretary of State is satisfied that a member— a has been absent from meetings of the Corporation for a period longer than three consecutive months without the permission of the Corporation; or b has become bankrupt or made an arrangement with his creditors; or c is incapacitated by physical or mental illness; or d is otherwise unable or unfit to discharge the functions of a member; the Secretary of State may declare his office as a member vacant, and shall notify the declaration in such manner as he thinks fit; and thereupon the office shall become vacant. 2 In the application of sub-paragraph (1) above to Scotland, for the references in sub-paragraph (b) to a member's having become bankrupt and to a member's having made an arrangement with his creditors there shall be substituted respectively a reference to sequestration of a member's estate having been awarded and to a member's having made a trust deed for behoof of his creditors or a composition contract. 9 The fixing of the common seal of the Corporation shall be authenticated by the signature of the Secretary of the Corporation or some other person authorised by the Corporation to act for that purpose. 10 A document purporting to be duly executed under the seal of the Corporation shall be received in evidence and shall be deemed to be so executed unless the contrary is proved. 11 The National Research Development Corporation Regulations 1949 are hereby revoked. Geoffrey Pattie Minister of State Department of Trade and Industry 3rd March 1986