1.—(1) The Institute shall not be regarded—N.I.
(a)as the servant or agent of the Crown; or
(b)as enjoying any status, immunity or privilege of the Crown.
(2) The property of the Institute shall not be regarded as property of, or held on behalf of, the Crown.
(3) Subject to the following provisions of this Schedule, section 19 of the Interpretation Act (Northern Ireland) 1954 (c.33) applies to the Institute.