(1) A body corporate
incorporated pursuant to law shall obtain legal personality, and
obtain legal competency in the same capacity.
(2) In order to obtain legal competency pursuant to subsection
(1), any body shall be registered in accordance with law.
(3) Except where a separate provision has been made by
law for registration pursuant to sub-section (2), an application shall
be made to the competent authority, setting out the following
matters:
(a) Name of the body corporate,
(b) Head office of the body corporate, and address of
such office,
(c) Objectives and functions of the body corporate,
(d) Details of the capital structure, if any, of the body
corporate,
(e) Other necessary details.
(4) After the registration of a body corporate pursuant to
sub-section (2), such a body shall be deemed to have been
incorporated.
(5) A legal person shall have a corporate personality and
use a separate seal for its activities.
(6) A body incorporated pursuant to this Section shall be
an autonomous and body corporate with perpetual succession, and
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may, in the same capacity, subject to law, carry out as a person the
following functions:
(a) To acquire, hold, earn, possess, dispose off, sell or
otherwise manage a property,
(b) To execute a contract, exercise rights and discharge
obligations under the contract or to assume any kind
of right or obligation in any other way,
(c) To frame statute or bye-laws required to operate its
own functions, proceedings or business,
(d) To appoint necessary employees to carry out its
functions,
Provided that the commissions, institutions or
bodies referred to in clause (g) of Section 44 shall
not be allowed to appoint employees.
(e) To open branches or other offices, subject to its
statute and bye-laws,
(f) To open an account in a bank or financial institution
and to operate the account,
(g) To carry out other functions according to law.
(7) A legal person may sue or initiate other legal action
and may also be sued or subjected to other legal action by its name.