(1) For the purposes of this Act, the Central Government may, by notification in the Official Gazette, specify as an export agency any company within the meaning of the Companies Act, 1956 (1 of 1956), or any body of persons established or recognised as a body corporated by or under any other law for the time being in force.
    (2) Where any such company or other body corporate has been specified as an export agency, it shall be lawful for such agency to perform all or any of the functions of an export agency under this Act, notwithstanding anything to the contrary contained in the memorandum or article of association of the company or, as the case may be, the law applicable thereto.