Section 1: Establishment of the Financial Reporting Council of Nigeria.

(1) There is established the Financial Reporting Council of Nigeria (in this Act referred to as "the Council").
(2) The Council shall be :
(a) a body corporate with perpetual succession and a common seal; and
(b) may sue and be sued in its corporate name.
(3) The Council may acquire, hold or dispose of any property, moveable or immoveable, for the purpose of carrying out its functions.