(1) There is established by this Act a body to be known as the Institute of Professional Studies referred to in this Act as "the Institute".

(2) The Institute shall be a body corporate with perpetual succession, a common seal and may sue and be sued in its own name.

(3) The Institute may for and in connection with the discharge of its functions acquire and hold any movable or immovable property and enter into any contract or other transaction.

(4) Where the Institute has resolved and the Government has agreed that the acquisition of land or a right over land is necessary for the Institute, the land may be acquired under the State Lands Act, 1962 (Act 125).