(1) The Central Government may, if the Board does any act exceeding the powers conferred upon it or acts in a manner contrary to the rules or prejudicial to the interests of the industry or acts * * * contrary to the directions given by the Central Government, call upon the Board to show cause why the Board should not be dissolved and if no explanation is offered or if the Central Government is dissatisfied with the explanation given it may suspend or dissolve the Board from such date and for such period as may be specified in the notification.
(2) When the Board is dissolved under the provisions of sub-section (1)--
(a) all members shall, from the date of dissolution, vacate their offices as such members;
(b) all powers and duties of the Board 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 funds and other property vested in the Board shall, during the period of dissolution, vest in the Central Government; and
(d) as soon as the period of dissolution expires, the Board shall be reconstituted in accordance with the provisions of this Act.