Section 1: Establishment of the Chartered Risk Management Institute of Nigeria

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