Consequence of dissolution of Corporation

(1) When the Corporation is dissolved under section 23,- (i) all directors shall, from the date of dissolution, vacate their offices; (ii) all powers and duties of the Corporation shall, during the period of dissolution, be exercised and performed by such person as the State Government may appoint in this behalf; (iii) all funds and other property vested in the Corporation shall, during the period of dissolution, vest in the State Government. (2) The State Government may reconstitute the Corporation after such period as it may think fit.