Section 3. Establishment of State Financial Corporations.

(1) The State Government may, by notification in the Official Gazette, establish a Financial Corporation for the State under such name as may be specified in the notification. (2) The Financial Corporation shall be a body corporate by the name notified under sub-section (1), having perpetual succession and a common seal, with power, subject to the provisions of this Act, to 1[acquire, hold and dispose of] property and shall by the said name sue and be sued.