(1) There is established by this Act a body corporate with perpetual succession to be known as the Northern Development Authority.

(2) The Authority may, for the performance of the functions of the Authority, acquire and hold movable and immovable property, dispose of property and enter into any contract or any other transaction relating to the object of the Authority.

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