Consequences of dissolution of the Board

General197940 sections

Statutory text

(1) When the Board is dissolved under section 30—
- (i) all directors shall, from the date of dissolution, vacate their offices;
- (ii) all powers and duties 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 Government may, in its discretion, reconstitute the Board, after such period as it may think fit.

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