Section 3

There is hereby established a body to be known as the Public Utilities Board which shall be a body corporate and may sue and be sued in its corporate name, and shall have perpetual succession, and may enter into contracts, and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may 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 Board upon such terms as to the Board seems fit.