3. Establishment of the Board

For the purposes of managing the Fund and for carrying into effect the purposes of this Act, a body corporate by the name of

“Employees Provident Fund Board” is established with perpetual succession and a common seal, and which may sue and be sued in its corporate name and, subject to and for the purposes of this

Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with any movable or immovable property or any interest therein vested in the Board upon such terms as it deems fit.