Dynamic classes

I have created a dynamic class using the type() function:
x = type('MyFlags', (), {'Flag1': 1, 'Flag2': 2, 'Flag3: 4, ' '__init__' :
__init__})
The new class is there, and the class variables, Flag1, Flag2, and Flag3,
are present correctly. However, when I try to create an instance of this
class with the following code:
y = x('Flag1', 'Flag2')
it fails with a TypeError stating that 'MyFlags' does not accept arguments.
What do I have to do to make this happen?. BTW __init__(self, *args) is
defined as the instance initializer.


-- 
Jonathan Gossage