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(1) There is hereby established a body to be known as the Ghana Standards Board (in this Decree referred to as the "Board").

(2) The Board shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in the name assigned to it in subsection (1) of this section.

(3) The Board shall have power, for the discharge of its functions, to acquire and hold any movable or immovable property, to dispose of such property by lease or otherwise 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 Board under the State Property and Contracts Act, 1960 (CA 6) or as the case may be, under the State Lands Act, 1962 (Act 125) and each such Act, shall, as the case may be, apply with respect to any such acquisition, with such modifications as may be necessary to provide for the vesting of the property acquired thereunder, in the Board and for the cost of such acquisition to be defrayed by the Board.