Ultimate dissolution of Board and transfer of assets and liabilities to Government

Infrastructure197676 sections11 chapters

Chapter X Chapter X

Statutory text

(1) When all schemes approved by Government under this Act have been executed or have been so far executed as to render the continued existence of the Board, in the opinion of the Government unnecessary, when in the opinion of the Government it is expedient that the Board shall cease to exist, the Government may, by notification, declare that the Board shall be dissolved from such date as may be specified in this behalf in such notification; and the Board shall be deemed to be dissolved accordingly.
(2) From the said date-
- (a) All properties, funds and dues which are vested in or realisable by the Board shall vest in and be realisable by the Government;
- (b) All liabilities which are enforceable against the Board shall be enforceable only against the Government;
- (c) For the purpose of completing the execution of any scheme, approved by the Government under this Act, which has not been fully executed by the Board and of realising properties, funds and dues referred to in clause
- (a) the functions of the Board under this Act shall be discharged by the Government ; and
- (d) The Government shall keep separate accounts of all moneys respectively received and expended by it under this Act, until all loans raised hereunder have been repaid, and until all other liabilities referred to in clause
- (b) have been duly met.

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