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(1) There is established by this Act a body corporate with perpetual succession to be known as the State Interests and Governance Authority.

(2) The Authority may, for the performance of the functions under this Act, acquire and hold property, dispose of property and enter into a contract or any other transaction relating to the objects of the Authority.

(3) Where there is a hindrance to the acquisition of landed property, the immovable property may be acquired for the Authority under the State Lands Act, 1962 (Act 125) and the cost shall be borne by the Authority.