(1) The Institute shall be a body corporate having perpetual succession and may sue and be sued in its corporate name.

(2) The Institute shall have a common seal and may hold, acquire and dispose of any property, movable or immovable.

(3) The common seal of the Institute shall be kept in such custody as the Council may from time to time determine, and shall not be affixed to any document or instrument except by order of the Council, and in the presence of two members of the Council who shall sign any such document or instrument independently of the signature of any person who may have signed the document or instrument as a witness