4. (1) With effect from such date as the Government may, by notification in the official Gazette, appoint, there shall be established an Authority for Chittagong Port to be called the Chittagong Port Authority for carrying out the purposes of this Ordinance. (2) The Authority shall be a body corporate, having perpetual succession and a common seal, with power, subject to the provisions of this Ordinance, to acquire, hold and dispose of ¹[, by lien, mortgage, sell, alienation or otherwise] property, both movable and immovable, and shall by the said name sue and be sued.