Section 4

There is hereby established a body to be known as “The Port of Singapore Authority” which shall be a body corporate and may sue and be sued in its corporate name, and shall have perpetual succession, and subject to the provisions of this Act, may enter into contracts, and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may sell, convey, assign, surrender, and yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property vested in the Authority upon such terms and conditions as to the Authority seems fit.