Dissolution of Board

(1) The State Government may by notification, declare that, with effect from such date as may be specified in the notification the Board shall be dissolved;

Provided that no such declaration shall be made by State Government unless a resolution to that effect has been moved in and passed by the Madhya Pradesh Legislative Assembly.

(2) With effect from the date specified in the notification under subsection (1)

(a) all properties, funds and dues which are vested in or realisable by the board shall vest in and be realisable by the State Government; and

(b) all liabilities enforceable against the Board shall be enforceable against the State Government to the extent of the properties, funds and dues vested in and realised by the State Government.

(3) Nothing in this section shall affect the liability of the State Government in respect of loans or debentures guaranteed under section 63.