Incorporation of Special Area Development Authority

(1)Every Special Area Development Authority shall be a body corporate with perpetual succession and a common seal unless abolished and shall have power to acquire, hold and dispose of property, both moveable and immovable to contract and sue and be sued by the name specified in the notification under sub-section (2) of section-66. (2) The State Government may, by notification in the Official Gazette, abolish the Special Area Development Authority constituted under section 67 of the Act from such date as may be specified therein and the said authority shall stand abolished accordingly. (3) On and with effect from the date of abolition of the Special Area Development Authority all properties, assets, liabilities, funds, dues and staff which are realizable and vested by the authority shall vest in or be realizable by such authority or corporation or agency, as the case may be as the State Government may deem fit.