Amendment status not verified — confirm the current text below against the official source.
(1) The State Government may, by an order published in the of the Corporation. Official Gazette, supersede the Corporation for such period as may be specified in the order after giving reasonable opportunity to the Corporation to show cause against the order proposed to be issued and after considering the objection, if any, of the Corporation: Provided that it shall not be necessary to give any opportunity to the Corporation to show cause against the order proposed to be issued if the State Government is of the opinion that it is neither expedient nor necessary to do so in public interest. (2) Upon the publication of a notification under sub-section (1) superseding the Corporation— (a) all the members of the Corporation shall as from the date of supersession vacate their offices as such members; (b) all the powers and duties which may by or under the provisions of this Act or of any other law be exercised or performed by or on behalf of the Corporation shall during the period of supersession be exercised and performed by such person or persons as the State Government may direct; (c) all property vested in the corporation shall during the period of supersession vest in the State Government. (3) On the expiration of the period of supersession as specified in the notification issued under sub-section (1), the State Government may— (a) extend the period of supersession for such further term as it may consider necessary, or (b) reconstitute the Corporation in the manner provided in this Act for establishing the Corporation. Liquidation