Cap. 565 Art. 17ALegal personality of the Regulator.

(1) The Regulator shall have a separate and 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, of 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:

Provided that the Regulator shall not have the power to:

(a) borrow or lend any monies except with the authority and concurrence in writing of the Minister and so in writing by the Minister; or

(c) delegate any of its functions in a manner other than that established by or under this Act.

(2) The legal representation of the Regulator shall vest in the Regulator himself:

Provided that the Regulator may appoint any one of its officers or employees 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.