Section 3

As from the commencement of this Enactment there shall be constituted “the

Sabah Credit Corporation” which shall be a body corporate with perpetual succession, capable of suing and being sued in its corporate name and with the power to purchase or otherwise acquire, hold, and exchange or alienate or otherwise deal with in any lawful manner whatsoever, and property moveable and immovable, and to enter into contracts and generally to do such acts and things as a body corporate may do by law and as are necessary for, or incidental to, the carrying out of its objects and the exercise of its powers as set out in this Enactment.

The Corporation shall have a common seal which shall bear such device as the

Corporation may approve and such seal may from time to time be broken, changed, altered and made anew by the Corporation, as the Corporation may think fit.

Until a common seal is provided under subsection (2), a stamp bearing the inscription “The Sabah Credit Corporation” may be used as the common seal of the

Corporation.

Composition of Corporation.