3. (1) As soon as may be after the commencement of this Order, the Government shall establish a corporation to be called the Bangladesh Shipping Corporation. (2) The Corporation shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Order, to acquire, hold and dispose of property, both movable and immovable, and shall by the said name sue and be sued. ¹[(3) All assets and properties, movable and immovable and all funds of the National Shipping Corporation established under section 3 of the National Shipping Corporation Ordinance, 1963 (IV of 1963), shall vest in the Corporation. (4) All employees of the aforesaid National Shipping Corporation shall, subject to such scrutiny or screening as the Government may determine, be employed in the Corporation: Provided that no such employee who is not a citizen of Bangladesh shall be employed: Provided further that the employment shall be subject to the requirements of the Corporation.]