Section 1: Establishment of the Nigerian Accounting Standards Board.

(1) There is established a Board to be known as the Nigerian Accounting Standards Board (in this Act referred to as "the Board").
(2) The Board
(a) shall be a body corporate with perpetual succession and a common seal; and
(b) may sue and be sued in its corporate name.
(3) The Board may acquire, hold or dispose any property movable or immovable for the purpose of carrying out its functions.
(4)
The supplementary provisions contained in the Schedule to this Act shall, where applicable have effect with respect to the proceedings of the Board and the other matters mentioned therein.
[Schedule.]