law: State Financial Corporations Act, 1951 
  3. Establishment of State Financial Corporations
  (1) The State Government may, by notification in the Official
  
  Gazette, establish a Financial Corporation for the State under such name as may
  
  be specified in the notification.
  (2) The Financial Corporation shall be a body corporate by the
  
  name notified under sub-section (1), having perpetual succession and a common
  
  seal, with power, subject to the provisions of this Act, to acquire, hold and
  
  dispose of property and shall by the said name sue and be sued.