Section 2. The area constituting the authority and the inhabitants thereof are hereby made a body politic and corporate, and a political subdivision of the commonwealth, under the name of Massachusetts Bay Transportation Authority. The authority shall have power to hold property, to sue and be sued in law and equity and to prosecute and defend all actions relating to its property and affairs. The authority shall be liable for its debts and obligations, but the property of the authority shall not be subject to attachment nor levied upon by execution or otherwise. Process may be served upon the treasurer of the authority or, in the absence of the treasurer, upon any member of the board.