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(1) There is established by this Act a body corporate to be known as the Postal and Courier Services Regulatory Commission.

(2) The Commission shall have perpetual succession and a common seal and may sue and be sued in its corporate name.

(3) The Commission may for and in connection with the discharge of its functions under this Act, purchase, hold, manage and dispose of movable and immovable property and may enter into contracts and transactions reasonably necessary for its functions.