3. (1) The Government may, by notification in the official Gazette, establish an Authority to be known as the Bangladesh Inland Water Transport Authority for carrying out the purposes of this Ordinance. ¹[(2) The Authority shall be a body corporate, having perpetual succession and a common seal, with power, subject to the provisions of this Ordinance, and any other law for the time being in force, to acquire, hold and dispose of, by lien, mortgage, sale, alienation or otherwise, property, both movable and immovable, and shall by the said name sue and be sued.]