(1) There is hereby established a body corporate to be known as the Cotton Development Board, in this Decree 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 sub-paragraph (1) of this paragraph.

(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 other transaction.