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(2022)
SECTION 1
(1) There is established the Institute of Mortgage Brokers and Lenders of Nigeria (in this Act referred to as “the Institute”).
(2) The Institute -
(a) shall be a body corporate with perpetual succession and a common seal;
(b) may acquire, hold and dispose of any property, moveable or immovable; and
(c) may sue or be sued in its corporate name.
Establishment of the Institute.
SECTION 2
The functions of the Institute are to -
(a) determine the standards of knowledge and skills to be attained by persons seeking to become members of the profession and reviewing such standards as may be required;
(b) secure and maintain a register of members and the publication of same in accordance with the provisions of this Act;
(c) promote research and development of curricula of training of mortgage brokers and lenders;
(d) provide consultancy services in appropriate cases;
(e) arrange conferences, seminars, symposia and meetings;
(f) carry out such functions that are intended to facilitate the achievement of the objects contained in this Act; and
(g) perform all other functions conferred on the Council under the provisions of this Act.
Functions of the Institute.
SECTION 3
The Institute has power to do all things necessary and convenient to be done in connection with the performance of its functions and in particular, may -
(a) enter into contracts;
(b) charge fees for its services;
(c) make regulations for the conferment of charter;
(d) make penal regulations; and
(e) have the power to award honorary membership of the Institute to persons it deems worthy of such honour on terms and conditions prescribed by the Council and approved by the Institute in a general meeting.
Powers of the Institute.
SECTION 4
(1) There is established a Governing Council for the Institute charged with the administration and management of the Institute, whose membership shall consist of
(a) the President, elected by members of the Council amongst themselves;
(b) the Vice-President, elected by members of the Council amongst themselves;
(c) two persons to be appointed by the Minister;
(d) six persons to be appointed by the Institute; and
(e) an immediate past President of the Institute who is entitled to serve for a further maximum term of three years from the expiration of his tenure as President.
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