(1) When the *[State Government], after consulting the municipal council, decide that the interests of town-planning in any particular area will be best served by entrusting it to a special board, they may, by notification in the 86[Official Gazette], constitute such board, to be called “The (name of town or other area) Town-planning Trust” hereinafter referred to as “the trust”; and thereupon the duty of carrying out the provisions of this Act in such local area shall, subject to the conditions and limitations hereinafter contained, be vested in the trust.
(2) The trust shall be a body corporate and have perpetual succession and a common seal and shall by the aforesaid name sue and be sued.