3. Incorporation of the Corporations.—
1(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be established two Corporations to be known as “Indian Airlines” and “Air India International”.*
(2) Each of the Corporations aforesaid shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire and hold property, and may by its name sue and be sued.
* Renamed as “Air India” vide S.O. 1676, dated 23rd May, 1962, as per Act 17 of 1962, sec. 7..