2. DEFINITIONS

In this Constitution:

(a) "bye-laws" means the bye-laws of the Institute in force from time to time under this Constitution;

(b) "Institute" means the Institute of Risk Management South Africa

(c) "Executive Committee" means the Executive Committee of the Institute;

(d) "risk management" means the identification and evaluation of actual and potential risk areas as they pertain to the company as a total entity, followed by a process of either termination, transfer, acceptance (tolerance) or mitigation of each risk;

(e) "risk professional" means a person who is involved in or connected with the risk management industry ;

(f) "year" and/or 'financial year" means a twelve month period commencing on 1 March.

Unless inconsistent with the context, words and expressions in the masculine gender include the feminine and words signifying the singular number include the plural.

3. LEGAL PERSONA

The Institute is a body corporate with perpetual succession capable of suing and being sued in its own name and performing such acts as are necessary for or incidental to the achievements of its objects and the exercise of its powers or the performance of its functions and duties under this Constitution or under any statute of the Republic of South Africa.