Section 1 (1) of the Act establishes the Corporation.

Section 1(2) and (3) provide that the Corporation shall be a body corporate with a common seal, perpetual succession and may sue and be sued in its corporate name. The Corporation may acquire, hold and dispose of movable and immovable property for the purpose of its functions and objects.

Section 1 (4) provides for the independence of the Corporation in the discharge of its duties.