There is hereby created and established in the Department of the Treasury, a body corporate and politic with corporate succession, to be known as the “State Building Authority.” The Authority is hereby constituted an instrumentality exercising public and essential governmental functions, and the exercise by the Authority of the powers conferred by this act shall be deemed and held to be an essential governmental function of the State.

L.1950, c. 255, p. 875, s. 2. Amended by L.1952, c. 224, p. 761, s. 3.