Dissolution of the Authority.

(1) If the State Government is satisfied that the purpose for which any Authority was established under this Act have been substantially achieved or [ . . . ] the Authority has not functioned or that it is necessary to conduct the continued existence of the Authority or for other reasons, the State Government may, by notification in the Official Gazette, declare that the Authority shall be dissolved with effect from such date as may be specified in the notification; and the Authority shall be deemed to be dissolved accordingly. (2) From the said date of such dissolution- (a) all properties, funds and dues which are vested in or realisable by the Authority shall vest in or be realisable by the State Government; (b) all liabilities which are enforceable against the Authority shall be enforceable against the State Government; and (c) for the purpose of carrying out the functions of the Authority shall be performed by the State Government.