(1) If the Government is of opinion that the Board has failed to carry out it’s functions under this Act or that for any other reason it is not necessary to continue the Board, it may, by notification, dissolve the Board, from such date as may be specified in the notification.
(2) Upon the publication of notification under sub-section (1) dissolving the Board,—
(a) the Chairman and all the members of the Board shall, as from the date of dissolution, vacate their offices as such;
(b) all the powers and duties which may, by or under the provisions of this Act, be exercised and performed by or on behalf of the Board and the Chairman shall, as from the date of dissolution, be exercised and performed by the Government or such authority or person as it may appoint in this behalf;
(c) all funds and other property vested in the Board shall vest in the Government; and
(d) all liabilities, legally subsisting and enforceable against the Board, shall be enforceable against the Government to the extent of the funds and properties vested in it.
(3) Nothing in this section shall affect the liability of the Government in respect of debentures guaranteed under section 56.