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(1) There is established by this Act a body to be known as the Fair Wages and Salaries Commission.

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

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

(4) Where there is hindrance to the acquisition of property, the property may be acquired for the Commission under the State Property and Contracts Act, 1960 (C.A.6) or the State Lands Act, 1962 (Act, 125) and the costs shall be borne by the Commission.