Section 1: Establishment, etc. of Chartered Institute of Bankers of Nigeria.

(1) There is established a body to be known as the Chartered Institute of Bankers of Nigeria (in this Act referred to as "the Institute").
(2) The Institute-
(a) shall be a body corporate with perpetual succession and a common seal;
(b) may sue and be sued in its corporate name; and may acquire, hold and dispose of any property, movable and immovable.