(1) On the establishment day there shall stand established a body to be known as the Criminal Assets Bureau, and in this Act referred to as "the Bureau", to perform the functions conferred on it by or under this Act.

(2) The Bureau shall be a body corporate with perpetual succession and an official seal and power to sue and be sued in its corporate name and to acquire, hold and dispose of land or an interest in land and to acquire, hold and dispose of any other property.