Section 1: Establishment of the Nigerian Education Loans Fund.

(1) There is established the Nigerian Education Loans Fund (in this Act referred to as "the Fund").
(2) The Fund-
(a) is a body corporate with a common seal, perpetual succession; and
(b) may sue and be sued in its corporate name.
(3) Subject to the limitations contained in this Act, the Fund may acquire, hold and dispose of movable and immovable property for the purpose of its functions and objectives.