Amendment status not verified — confirm the current text below against the official source.
Power of Government to 1[dissolve]1 corporation.- (1) If in the opinion of Government the corporation is not competent to perform or makes default in the performance of any of the duties imposed on it or undertaken by it, by or under this Act or any other law for the time being in force or exceeds or abuses its powers or fails to carry out the directions or orders given by Government to it under this Act or any other law or is acting in a manner prejudicial to the interests of the corporation, the Government may, by an order published, together with a statement of the reasons therefor, in the official Gazette, declare the corporation to be incompetent or in default or to have exceeded or abused its powers, or to have failed to carry out the directions given to it, or to have acted in a manner prejudicial to the interests of the corporation, as the case may be, and may 1[dissolve it:]1 Provided that before making an order of 1[dissolution]1 as aforesaid reasonable opportunity shall be given to the corporation to show cause why such order should not be made.