Dissolution of Corporation.

(1) Where the State Government is satisfied that the purposes for which the Corporation was established under this Act have been substantially achieved so as to make the continued existence of the corporation in the opinion of the State Government is unnecessary, the Government may by notification in the Official Gazette declare that the Corporation shall be dissolved with effect from such date as may be specified in the notification, and the Corporation shall be deemed to be dissolved accordingly and upon such dissolution the members (including the Chairman) shall vacate their respective offices.