Amendment status not verified — confirm the current text below against the official source.
(1) The State Governmentmay, if it is satisfied in public interest to do so, by a notification in the Manipur Gazette, declare that, with effect from such ' date as may be specified in the notification, the Board shall stand dissolved. (2) With effect from the date specified in the notification under sub-section (1),— 35 (a) all properties, funds and dues which are vested in or realizable by the Board shall vest in and be realizable by the State Government; (b) all liabilities enforceable against the Board shall be enforceable against the State Govern- ment to the extent of the properties, funds and dues vested in an realized by the State Government. (3) Nothing in this section shall effect the liability of the State Government in respect of loans or debentures guaranteed under sub—section (5) of Section 61.