The proposed law says the Institute will be a body corporate. This means it will exist forever and have a common seal. You can think of a common seal like a special stamp that shows something belongs to the Institute. The Institute will be able to own property, like a house or a car. It will also be able to do things that companies can do, like buy and sell things. The Institute will be able to take actions and have things happen to it, just like any other company.