(1) There shall stand established, on the establishment day, a body to be known as the National Pensions Reserve Fund Commission, or in the Irish language Coimisiún an Chúlchiste Náisiúnta Pinsean, and in this Act referred to as the "Commission", to perform the functions assigned to it by this Act.
(2) The Commission shall be a body corporate with perpetual succession and a common 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.