Establishment and incorporation of Board

(1) With effect from such date as the Administrator may by notification in the Official Gazette, appoint in this behalf, there shall be established a Board to be called the Andaman and Nicobar Islands Khadi and Village industries Board. (2) The Board shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power, subject to the provisions of this Regulation, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall by the said name sue and be sued: Provided that no immovable property belonging to the Board shall be leased, sold or transferred, in any manner, to any person other than the Commission, except with the previous approval of the Administrator.