Section 1: Establishment of the chartered institute of purchasing and supply management and its functions.

(1) There is established a body to be known as the Chartered Institute of Purchasing and Supply Management of Nigeria (in this Act referred to as "the Institute")which shall be a body Corporate under that name and be charged with the general duty of-
(a) determining and reviewing, from time to time, the academic standards, knowledge and skills that shall be attained by persons seeking to qualify as registered members of the Chartered Institute of Purchasing and Supply Management (in this Act referred to as "the Professional") ;
(b) ensuring that its members maintain a reputable and high standard of behaviour expected of any professional in purchasing, procurement, stores, materials, warehouse, logistics management or supply chain management in Nigeria and other parts of the world;
(c) providing for the training, education and examination of persons desiring to become professional procurers according to the provisions of this Act whether in Nigeria or abroad;
(d)
regulating the discipline and professional conduct of its members;
(e) promoting and projecting the welfare of its members both in Nigeria and abroad;
(f) arranging conferences, seminars, symposia and meeting for discussion or supplies and related matters, reading of papers and delivery of lectures, publishing copies of abridgement of papers, books, lectures, records and other memoranda instilling high standard of professional ability and knowledge by means of periodic issue of journals of the Institute and to organize post qualification courses for its members; and
(g) performing such functions as are incidental to the objects or as the Council may deem necessary for the attainment of all or any of these objects.
(2) The Institute shall have perpetual succession and a common seal which shall be kept in such custody as the Council may, from time to time, authorize.
(3) The Institute may sue and be sued in its corporate name and may, subject to the Land Use Act, hold, acquire and dispose of any property movable or immovable.
(4) The Institute shall, in accordance with the provisions of this Act, ensure the establishment and maintenance of a register of fellows, honorary fellows, chartered, graduate, associates and corporate members of the Institute and the publication of their lists from time to time.