Dissolution of the Authority

(1) The State Government may, by notification, declare that with effect from such date as may be specified in the notification, the Authority shall be dissolved: Provided that no such declaration shall be made by the State Government unless, a resolution to that effect has been moved in and passed by both Houses of the State Legislature. (2) With effect from the date specified in the notification under sub-section (1),- (a) all properties, funds and dues which are vested in and realizable by the Authority shall vest in and be realizable by the State Government. (b) all liabilities enforceable against the Authority shall be enforceable against the State Government to the extent of the properties, funds and dues vested in and realised by the State Government.