S.L. 403.13 Art. 4Legal status and representation of the Fund.

(1) The Fund shall be a body corporate having a distinct legal personality and shall be capable, subject to the provisions of the Act and of these regulations, of entering into contracts of borrowing or otherwise incurring indebtedness for the purposes of its functions, of acquiring, holding and disposing of any kind of property for the purposes of its functions, of suing or 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:

Provided that, with respect to any one insolvent insurer, the amount borrowed should not exceed thirty of the total per centum amount of payments to be made by the Fund under Part III to all qualifying persons of the insolvent insurer.

(2) The legal and judicial representation of the Fund shall vest in the chairperson of the Management Committee: Provided that, the Management Committee may appoint any one or more of its members or of the officers or agents of the Fund to appear in the name and on behalf of the Fund in any legal or judicial proceedings and in any act, contract, instrument or other document whatsoever; and where Part III or Part IV is in operation, in respect of any powers and duties of the Fund exercisable by any body or person as provided in regulation 6(2), the legal representation of the Fund shall also vest in such body or person or in the legal representative thereof.