(1) Notwithstanding the repeals effected by section 48, the Authority shall continue in being.
(2) The Authority shall be a body corporate with perpetual succession and power to sue and be sued in its own name and, with the consent of the Minister, to acquire, hold and dispose of land or an interest in or rights over or in respect of land or any other property.
(3) The Authority shall be independent in the performance of its functions.