Dissolution of Corporation.

Infrastructure199967 sections7 chapters

Chapter VII MISCELLANEOUS AND SUPPLEMENTARY

Statutory text

(1) Where the State Government is satisfied that the purposes for which the Corporation was established under this Act have been substantially achieved so as to render the continued existence of the Corporation, in the opinion of the State Government, unnecessary, the State Government may, by notification in the Official Gazette, declare that the Corporation shall stand 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 Directors (including the Chairman) shall vacate their respective offices.
(2) From the said date,—
- (a) all properties, funds and dues which are vested in, or realisable by, the Corporation shall vest in, or be realisable by, the State Government;
- (b) all liabilities which are enforceable against the Corporation shall be enforceable against the State Government.

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