Section 3. Establishment and incorporation.

(1) For the purposes of securing and assisting in the rapid and orderly establishment and organisation of industries in industrial areas and industrial estates in the State of Maharashtra, there shall be established by the State Government by notification in the Official Gazette, a Corporation by the name of the Maharashtra Industrial Development Corporation. (2) The said 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 Act.