Section 3: Establishment, etc., of Petroleum Equalisation Fund Management Board.

(1) There shall be, for the purpose of administering the Fund in accordance with the provisions of this Act, a body to be known as the Petroleum Equalisation Fund Management Board (hereafter in this Act referred to as "the Board").
(2) The Board shall be a body corporate with perpetual succession and a common seal.
(3) The Board may-
(a) sue and be sued in its corporate name;
(b) hold and acquire property whether movable or immovable.
(4) The provisions of the Schedule to this Act shall have effect with respect to the composition of the Board and the other matters contained therein.