Amendment status not verified — confirm the current text below against the official source.
(1) No provision of law, other than this Act, relating to the winding up, dissolution or liquidation of the companies or corporations shall apply to the Corporation. (2) The State Government may, if the Corporation fails to carry out its functions or exceeds its powers, or upon a receipt of a report under section 20, call upon the Corporation to show cause why it should not be dissolved and if no explanation is offered within the specified period or if the State Government is not satisfied with the explanation, the State Government may dissolve the Corporation from such date as may be specified. Consequence of dissolution of Corporation.