(1) There is hereby established a body corporate to be known as the Bast Fibres Development Board, hereafter in this Act referred to as the "Board".

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

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