Section 1: Establishment of the Federal Mortgage Bank of Nigeria

(1) There is hereby established a mortgage bank to be known as the Federal Mortgage Bank of Nigeria (in this Act referred to as "the Mortgage Bank").
(2) The Mortgage Bank-
(a) shall be a corporate body with perpetual succession and a common seal;
(b) may sue and be sued in its corporate name; and
(c) may for the purpose of its functions and subject to the Land Use Act, acquire, hold or dispose of property, whether movable or immovable.
[Cap. L5.]