1(1)The Council shall be a body corporate with perpetual succession and a common seal and with capacity to acquire and hold land …F1, so however, that the Council shall not acquire any land (other than the May Street site) without the consent of the Ministry.N.I.
(2)The Council may, with the approval of the Ministry;—
(a)sell, lease, surrender, mortgage, charge, or otherwise deal with any land for the time being vested in the Council; and
(b)exchange any land for the time being vested in the Council;
and on any such exchange the Council may give or receive any money for equality of exchange.
(3)The Council may borrow, by way of temporary loan or overdraft from a bank or otherwise, any sum which it may temporarily require:—
(a)for the purpose of defraying expenses pending the receipt of revenues receivable by it;
(b)for the purpose of defraying, pending the raising of a loan on mortgage, expenses intended to be defrayed by means of the loan.
(4)The Council may accept donations and bequests and receive aid from public funds and apply the same for the purposes of the Council.
(5)The Council may erect buildings or reconstruct existing buildings and carry out such other works as the Council shall think fit.
2N.I.The Council may sue and be sued in its own name.