(1) The Transport Infrastructure Development Agent is established.
(2) The Transport Infrastructure Development Agent consists of one member appointed by the Governor in Council in accordance with section 48.
(3) The Transport Infrastructure Development Agent—
(a) is a body corporate with perpetual succession;
(b) has an official seal;
(c) may sue and be sued;
(d) may acquire, hold and dispose of real and personal property;
(e) may do and suffer all things that a body corporate may by law do and suffer.