Section 22B. Establishment and Constitution of the Corporation.

(1) For the purposes of securing and assisting in the rapid and orderly establishment, and organization of industries in industrial areas and industrial estates in the Union Territory of Jammu and Kashmir and for the purpose of establishing commercial centers in connection with the establishment and organization of such industries, there shall be established by the Government by notification in the Government Gazette, a Corporation by the name of the Jammu and Kashmir Industrial Development Corporation or any other corporation(s) as notified by Jammu and Kashmir Government . (2) The Corporation shall be a body corporate with perpetual succession and a common seal, and may sue and be sued in its corporate name, and shall be competent to acquire, hold and dispose of property, both movable and immovable, and to contract, and do all things necessary, for the purposes of this Chapter.