Amendment status not verified — confirm the current text below against the official source.
Dissolution of the Board—(1) If the Government for any reason are of opinion that it is not necessary to continue the Board they may, by notification in the Gazette, dessolve the Board from such date as may be specified therein. (2) Upon the publication of a notification under sub-section (1) dissolving the Board, (a) * Inserted vide Act 15 of 2016, notification no. 15841/Leg. A1/2016/Law dated 05.11.2016 (a) the Chairman and all the other Members of the Board shall, as from the date of dissolution, vacate their offices as such; (b) all the powers and functions which may, by or under the provisions of this Act be exercised and performed by or on behalf of the Board and the Chairman shall, as from the date of dissolution, be exercised and performed by the Government or such authority or person as they may appoint in this behalf. (c) all funds and other property vested in the Board shall vest in the Government, and (d) all liabilities legally subsisting and enforceable against the Board shall be enforceable against the Government to the extent of the funds and properties vested in them (3) Nothing in this section shall affect the liability of the Government in respect of bonds or debentures guaranteed by the Government.