Section 1: Establishment of the Institute.

(1) There is established the Institute of Mortgage Brokers and Lenders 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 acquire, hold and dispose of any property, moveable or immovable; and
(c) may sue or be sued in its corporate name.