(1)Every panchayat shall be a body corporate by the name of the panchayat specified in the notification issued under section 4, shall have perpetual succession and a common seal and shall, subject to any restriction or qualification imposed by or under this Act or any other law, be vested with the capacity of suing or being issued in its corporate name; of acquiring, holding and transferring property, movable or immovable, of entering into contracts and of doing all things necessary, proper or expedient for the purpose for which it is constituted.
