Dissolution of Board.

(I) The Government may, by notification in the Official Gazette, direct that the Board shall be dissolved from the date specified in the notification and thereupon the Board shall be deemed to be dissolved accordingly. (2) On and from the said date of dissolution under sub-section (I) - (a) all properties and funds, which immediately before the said date were in the possession of the Board for the purpose of this Act shall vest in the Government; (b) all members shall vacate their offices as such members: and (c) all rights, obligations and liabilities including any liabilities under any contract of the Board shall become the rights, obligation and liabilities of the Government.