(1) The State Government shall, by notification in the Official Gazette, constitute for the purposes of this Act, a Corporation to be called the Maharashtra State Security Corporation.
(2) The Corporation constituted under sub-section (1), shall be a body corporate, having perpetual succession and a common seal, with power to contract, acquire, hold and dispose of property, both movable and immovable, and to do all things necessary for the purposes of this Act, and may sue and be sued by its corporate name.
(3) The Corporation shall be headed by an officer of the rank of [Director-General and Inspector-General or] Additional Director General and Inspector General or Special Inspector General, appointed by the State Government by a notification in the Official Gazette, who shall be the Managing Director of the Corporation.
(4) The Managing Director shall appoint requisite number of supervisory officers, subordinate officers, members and enrolled members of the Security Force, by whatever designation called, as per requirements of the Corporation. These members of the Security Force shall be of the rank of Deputy Inspector General or Superintendent or other ranks from the State Police or equivalent ranks from the armed forces, Central Police Forces, other State Police Forces and professionals, who shall be discharging functions under the immediate and overall supervision of the Managing Director.