(1) There is established by this Act the Ghana Maritime Authority.

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

(3) The Authority may for the discharge of its functions acquire and hold any movable or immovable property and may enter into any contract or other transaction.

(4) Where there is any hindrance to the acquisition of any property under subsection (3) the property may be acquired for the Authority under the State Lands Act, 1962 (Act 125).