(1) There is hereby established a body corporate to be known as the Ghana Railway Corporation (hereinafter referred to as "the Corporation"), with its headquarters at Takoradi.

(2) The Corporation shall have perpetual succession and a common seal and may sue and be sued.

(3) The Corporation shall have power, for the discharge of any of its functions, to acquire and hold any movable property (including electric motive power) or immovable property, to dispose of such property and to enter into any contract or other transaction.

(4) Where there is any hindrance to the acquisition of any property under subsection (3) of this section, the property may be acquired for the Corporation under the State Property and Contracts Act, 1960 (CA 6) or the State Lands Act, 1962 (Act 125) or the Administration of Lands Act, 1962 (Act 123); and each such Act shall, as the case may be, apply to any such acquisition with such modifications as may be necessary to provide for the vesting of the property acquired thereunder in the Corporation and for the cost of acquisition to be defrayed by the Corporation.

(5) The Government may give directions of a general nature to the Corporation and the Corporation shall give effect to them.