(1)

The Central Government shall, by notification, for the purposes of this Act, establish an Authority by the name of the International Financial Services Centres Authority.

(2)

The Authority shall be a body corporate having perpetual succession and a common seal, and subject to the provisions of this Act, with power to enter into and execute contracts, acquire, hold and dispose of property, both movable and immovable, and shall, by the said name, sue and be sued.

(3)

The head office of the Authority shall be at such place as the Central Government may, by notification, decide.

(4)

The Authority may, with the prior approval of the Central Government, establish its offices at other places in India or outside India.