Amendment status not verified — confirm the current text below against the official source.
Dwolutzon of Board and transfer of zts assets and l!abilttzes to the Government and the Corporatzon -( 1) When all ~hemes sanctioned under this Act have been executed or have been so far executed as to render the continued existence of the Board in the opimon of the Government unnecessary, the Government may, by notification, declare that the Board shall be dissolved on such date as may be specified m such noti- fication ; and the Board shall be deemed to be dissolved accordmgly. (2) On and form the said date- (a) (1) all properties, funds and dues. placed at the disposal of the Board by the Government, and (ii) all properties, funds and dues exchang1·d for, derived fwm, or otherwise attributable to, the properties. funds and dues referred to in sub-clause ( 1), which, Immediately before the said date, were held by or realizable hy the Boatd, shall vest m, and be realizable by the Gov!'lnment. (b) all properties, funds and dues, other than tho,e ref en ed to in clause (a), which, immediately before the sa1d date, w!'re vested m or were realizable by the Board and the Cha1rmau re,pectively shnll vest in and be realizable by the Cm poration and the Commissioner 1 e~pectively ; (c) if any question anses as to whether any proprrt1es, funds or dues vest in the Government under clause (a) or 111 thr Corportmn under clause (b), the question sha11 be 1 eferred to the Gove1 nment whose dec1sion thereon shall be final ; (d) all liabilities which, immediately before the s.tid date, we1e enforceable against the Board shall be enforceable against the Govern- ment or the CorporatiOn. The Government shall dete1mine which of such liab1htie~ shall be enforceable against them and whid1 against the Coporation ; (e) for the purpose of completing the execution of schemes sanctiohtd under this Act, which have not been fully exeluted by the Board, the Government may, by order, decide which ol Ruch 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 111 respect of those schemes by the Corporation or the Government, as the case may be. (f) the Cm poration shall keep separate accounts of all moneys respectively recerved and expended by 1t under this Act, unt1l all loans raised thereunder have been repaid and until all other 1iabilit1e~ referred to in clause (d) have been duly met