(1) Each of the Agricultural Universities mentioned in section 3 shall be a body corporate having perpetual succession and a common seal with power to acquire, hold and dispose of property, and to contract, and may, by its name, sue and be sued.
     (2) Each body corporate referred to in sub-section (1) shall consist of the Chancellor and the Vice-Chancellor of that University, the members of the Board, the Academic Council and all persons, who may hereafter become or be appointed as such officers or members, so long as they continue to hold such office or membership.