Establishment of the Board

(1) The State Government shall establish a Board for the purpose of this Act with the following composition: (a) the Excise and Taxation Minister: Chairperson; (b) the Chief Parliamentary Secretary, Excise and Taxation: Member; (c) the Chief Secretary to Government of Punjab: Member; (d) the Financial Commissioner (Taxation): Member; (e) the Principal Secretary, Finance Department: Member; and (f) the Excise and Taxation Commissioner: Member Secretary. In addition to the above, the Board may co-opt three more members from various fields. (2) The Board shall be a body corporate known by the aforesaid name having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable and to contract and shall by the said name, sue or be sued. (3) The Board may by resolution delegate to the Chairperson such of its powers for the conduct of its affairs, as it may consider necessary or desirable.