(1) On the establishment day there is established a body to be known as the Commission for Communications Regulation or, in the Irish language, An Coimisiu´ n um Riala´il Cumarsa´ide, which shall perform the functions conferred on it by or under this Act.

(2) The Commission shall be a body corporate with perpetual succession and a seal and power -

(a) to sue and be sued in its corporate name,

(b) to acquire, hold and dispose of land or an interest in land, and

(c) to acquire, hold and dispose of any other property.