There is hereby created in the Department of Economic Development a “veterans loan authority,” hereinafter referred to as the “authority,” which shall be a body corporate and politic, with corporate succession. The functions, powers and duties of the authority shall be vested in and may be exercised by the commissioner of the Department of Economic Development, hereinafter referred to as the “commissioner.”

L.1944, c. 126, p. 345, s. 2.