Consequences of dissolution

On and from the date of dissolution of the Authority under section 66— (i) all employees of the Authority shall vacate their offices; (ii) all powers and duties of the Authority shall be exercised and performed by the State Government or such officer or authority as the State Government may appoint in this behalf; (iii) all property vested in the Authority shall vest in the State Government; (iv) all liabilities of the Authority shall be deemed to be liabilities of the State Government.