Amendment status not verified — confirm the current text below against the official source.
(1) If in the opinion of the State Government, a supersedes Board or a Corporation is not competent to perform or o r th e VE Pe r sistently commit default in the performance of the duties Corporation imposed on it by or under this Act or rules thereunder in case of or the Memorandum of Association or otherwise by law, incompe- o r exceeds or abuses its powers or persistently fails to work defauitT’or a s a n economically viable organisation, the State Government,' abuse of after giving the Board or the Corporation, as the case may power. be, an opportunity for submitting an explanation in the matter may by notification, stating the reasons for so do ing, declare such Board or Corporation, as the case may be, to be incompetent or in default or to have exceeded or abused its powers and,— (a) supersede the Board for such period as deemed necessary and appoint an adhoc body to carry 13 on the functions of the Board until such time as the State Government may decide, or (b) dissolve the Corporation: Provided that if for emergent reasons and pending formalities relating to supersession ol the Beard, it is necessary, in the opinion the State Government, to sUupcrd the Board forthwith, it may do so ar.d appoint an ad hoc bedy to carry on the functions of the Board for such period as may be determined by the State Government: Provided further that while superseding a Ec aid the State Government may also direct th at the elected directors of th at Board shall not be eligible for re-electicn for such period not exceeding six years from the date of supersession o f the Board. (2) On dissolution of the Corporation under sub-section (1), the pro perty of the Corporation will be disposed of in the manner prescribed.