(1) There shall be established in accordance with this Act a body to be called the Currency Commission to fulfil the functions assigned to it by this Act.
(2) The Commission shall be a body corporate with perpetual succession and an official seal (which shall be judicially noticed) and power to sue and be sued in its corporate name and to hold and dispose of land.
(3) The Commission shall consist of seven members to be called the Currency Commissioners (in this Act referred to as the Commissioners) namely a Chairman (in this Act referred to as the Chairman) and six ordinary Commissioners (in this Act referred to as the ordinary Commissioners) elected or nominated in the manner hereinafter mentioned.
(4) There shall be associated with the Commission in accordance with this Act such and so many Shareholding Banks as is provided by this Act and such Shareholding Banks shall have such rights, privileges, and obligations as are conferred or imposed on them by this Act but references in