(1) The Central Government may, by notification and for reasons to be specified therein, direct that the Foundation shall be dissolved from such date and for such period as may be specified in the notification:
Provided that before issuing any such notification, the Central Government shall give a reasonable opportunity to the Foundation to make representation against the proposed dissolution and shall consider the representation, if any, of the Foundation.
(2) When the Foundation is dissolved under the provisions of sub-section (1),--
(a) all members of the Governing Board, notwithstanding that the terms of their office had not expired, shall, from the date of dissolution, vacate their offices as such members;
(b) all powers and duties of the Foundation shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf;
(c) all properties vested in the Foundation shall, during the period of dissolution, vest in the Central Government; and
(d) as soon as the period of dissolution expires, the Foundation shall be reconstituted in accordance with the provisions of this Act.