Dissolution of the Corporation

(1) Where the Government is satisfied that the purposes for which the Corporation was established under this Act have been substantially achieved so as to make the continued existence of the Corporation in the opinion of the Government unnecessary, the Government may by notification declare that the Corporation shall be dissolved with effect from such date as may be specified in the notification, and the Corporation shall be deemed to be dissolved accordingly and upon such dissolution, the members including the Chairperson and the Vice- Chairperson & Managing Director, if any, shall vacate their respective offices from the date as specified in the said notification of dissolution. (2) All properties, funds, and dues which are vested in, or realizable by, the Corporation shall vest in, or be realizable by the Government. (3) All liabilities which are enforceable against the Corporation shall be enforceable against the Government.