Consequences of dissolution of Board.

(1) When the Board is dissolved under section 21,—

(i) all directors shall, from the date of dissolution, vacate their offices;

(ii) all powers and Curies of the Board shall, during the period of dissolution, be exercised and performed by such person or persons 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 Board after such period as it may think fit.