Section 1: Establishment of the Nigerian Institute of Social and Economic Research.

(1) There is hereby established an institute to be known as the Nigerian Institute of Social and Economic Research (in this Act referred to as "the Institute").
(2) There shall be established for the management of the affairs of the Institute a Council to be known as the Nigerian Institute of Social and Economic Research Council (in this Act referred to as "the Council") which shall be a body corporate with perpetual succession and a common seal and may sue or be sued in its corporate name.
(3) The Council shall be responsible for the determination of the overall policy of the Institute and in particular for the financial and operational programmes of the Institute and for ensuring implementation of such policies and programmes.
(4)
The provisions of the First Schedule to this Act shall have effect with respect to the proceedings of the Council and the other matters therein mentioned.
[First Schedule.]