Dissolution of Board

(1) The Government may, by notification, direct that the Board shall be dissolved from the date specified in the notification and thereupon the Board shall be deemed to be dissolved accordingly and any committee constituted shall cease to function. (2) On and from the said date (a) all properties and funds, which immediately before the said date were in the possession of the Board for the purpose of this Act shall vest in the Government; (b) all members shall vacate office as members of the Board; and (c) all rights, obligations and liabilities including any liabilities under any contract of the Board shall become the rights, obligations and liabilities of the Government.