Cap. 545 Art. 8Legal personality and representation of the Regulator.

(1) The Regulator shall be a body corporate having a distinct legal personality and shall be capable, subject to the provisions of this Act, of entering into contracts, of acquiring, holding and disposing of any kind of property for the purposes of its functions, or suing and being sued, and of doing all such things and entering into all such transactions as are incidental or conducive to the exercise or performance of its functions under this Act, including the lending or borrowing of money.

(2) The legal representation of the Regulator shall jointly vest in the Chairman and the Chief Executive Officer: Provided that the Regulator may appoint any one or more of its members or of the officers or employees of the Regulator to appear in the name and on behalf of the Regulator in any judicial proceedings and in any act, contract, instrument or other document whatsoever: Provided further that in respect of any matter falling within the functions vested in a Directorate, the legal and judicial representation of the Regulator shall also vest in the head of the Directorate or in such other member, officer or employee of the Regulator, as the Regulator may appoint or authorise for the purpose.

(3) Any document purporting to be an instrument made or issued by the Regulator and signed by the Chairman or by the Chief Executive Officer or by a head of a Directorate in relation to any matter vested in the relative Directorate by the Regulator shall be received in evidence and shall, until the contrary is proved, be deemed to be an instrument made or issued by the Regulator.