Amendment status not verified — confirm the current text below against the official source.
(1) When all schemes sanctioned under this Act have been executed or have been so far executed as to render the continued existence of the Board in the opinion of the Government unnecessary, the Government may. by notification, declare that the Board shall be dissolved on such date as may be specified in such notification; and the Board shall be deemed to be dissolved accordingly. (2) On and from the said date -- (a) (i) all properties, funds and dues placed at the disposal of the Board by the Government, and (ii) all properties, funds and dues exchanged for, derived from, or otherwise attributable to, the properties, funds and dues referred to in sub-clause (i), which, immediately before the said date, were held by or realizable by the Board, shall vest in. and be realizable by the Government: (b) all properties, funds and dues, other than those referred to in clause (a) which, immediately before the said date, were vested in or were realizable by the Board and the Chairman respectively shall vest in and be realizable by the Corporation and the Commissioner respectively: (c) if any question arises as to whether any properties, funds or dues vest in the Government under clause(a) or in the Corporation under clause (b), the question shall be referred to the Government whose decision thereon shall be final; (d) all liabilities which immediately before the said date, were enforceable against the Board shall be enforceable against the Government or the Corporation. The Government shall determine which of such liabilities, shall be enforceable against them and which against the Corporation: (e) for the purpose of completing the execution of schemes sectioned under this Act, which have not been fully executed by the Board, the Government may, by order, decide which of such schemes shall be completed, by the Corporation and which by the Government, and the decision of the Government thereon shall be final, and the functions of the Board and the Chairman shall be discharged in respect of those schemes by the Corporation or the Government, as the case may be. (f) the Corporation shall keep separate accounts of all moneys respectively received and expended by it under this Act, until all loans raised thereunder have been repaid and until all other liabilities referred to in clause (d) have been duly met.