Section 10(2) in The Punjab Panchayati Raj Act, 1994
(2)Every Gram Panchayat constituted under this section shall be notified by its name in the Official Gazettee and it shall by the name so notified come into office with effect from the date of its first meeting at which quorum is present and be a body corporate having perpetual succession and a common seal, and subject to any restriction by or under this Act or any other law, shall have power to acquire, hold, administer and transfer property movable or immovable, and to enter into contracts and shall by the said name sue and be sued.
