Establishment of the Development Finance Corporation

(1) There is hereby established a body to be called the Development Finance Corporation which shall be a body corporate with perpetual succession and a common seal with power to purchase, take, hold and dispose of land and other property of whatever kind, to enter into contracts, to sue and be sued in its corporate name and to do all things necessary for the purposes of this Act. (2) The seal of the Corporation shall be affixed to any instrument in the presence of the Chairperson, but shall not be so affixed except by the authority of a resolution of the Board, and shall be authenticated by the joint signatures of one director of the Corporation and the General Manager. (3) The seal of the Corporation shall be kept in the custody of the General Manager.