Establishment of Board

(1) As soon as may be after the commencement of this Act, the State Government shall, by notification in the Official Gazette, with effect from a date to be specified therein, established for the purpose of this Act, a Board to be called the "Gujarat Municipal Finance Board". (2) The Board shall be a body corporate, having perpetual succession and a common seal, with powers subject to the provisions of this Act, to acquire, hold or dispose of property both, movable and immovable and to contract and to do all things necessary for the purpose of this Act, and may sue or be sued by its corporate name. (3) The head office of the Board shall be at such place, as the State Government may, by notification in the Official Gazette, direct.