Incorporation of the Institute

(1) There shall be a body corporate by the name of the Institute of Chartered Accountants of Belize with the perpetual succession and a common seal and with power to sue and be sued in all courts of law and equity in its corporate name. (2) The Institute shall have full power to acquire and hold within Belize, by purchase, devise or otherwise, all lands and tenements whatsoever of every tenure and also all estate, and to convey, assign, demise or otherwise dispose of such real and personal estate. (3) As from the commencement of this Act, the persons who are for the time being members of the Organisation constituted under the name of the Belize Association of Accountants shall, by virtue of such membership, become members of the Institute and all assets and liabilities of the Belize Association of Accountants, vested in it immediately before the commencement of this Act, are hereby transferred to and vested in the Institute.