Corporation and the Corporation shall, thereupon, be bound to perform such duty or obligation, as the case may be, within the period so fixed.

Dissolution of Corporation — The Government may, if satisfied that the purposes for which Corporation was established under this Act have been substantially achieved so as to render its continuance unnecessary, by notification in the Gazette, declare that the Corporation shall be dissolved with effect from such date as may be specified in the notification and thereupon the Corporation shall stand dissolved and there upon —

1. (a) all properties, funds and dues which are vested in, or realisable by the Corporation shall vest in, or be realisable by, the Govemment, and
2. (b) all liabilities which are enforceable against the Corporation shall be enforceable against the Government.