(1) There is hereby established a body corporate to be called the Social Security and National Insurance Trust (in this Law referred to as "the Trust").

(2) The Trust shall have perpetual succession and a common seal and may sue and be sued.

(3) The Trust shall have power for the discharge of any of its functions under this Law to acquire and hold any movable or immovable property, to dispose of such property and to enter into any contract or other transaction.

(4) Where there is any hindrance to the acquisition by the Trust of any property under subsection (3) of this section, the property may be acquired for the Trust under the State Property and Contracts Act, 1960 (C.A. 6) or as the case may be, under the State Lands Act, 1962 (Act 125), and each such Act shall apply in relation to any acquisition with such modifications as may be necessary to provide for the vesting of the property acquired thereunder in the Trust and for the cost of such acquisition to be defrayed by the Trust.

(5) The Trust shall operate a Scheme to be called the Social Security Pensions Scheme (hereafter referred to as "the Scheme").

(6) The Scheme shall have a Fund into which shall be paid all contributions and other moneys, as may be required under this Law.