The Israel Airports Authority (hereinafter, "the Authority") was set up in 1977 as a public corporation through the Airports Authority Law. The law specifies the structure and tasks of the Authority and the authority awarded it as a public corporation. Clause 3 of the law awards the Authority its legal qualification and states that "the Authority is a corporation valid for any obligation, right, or legal action". Functions of the Airports Authority The guidelines for the Authority's activities The Authority's airports The land transit terminals Structure and institutions of the Authority Budget and finance The Authority's income Taxation of the Authority