(1) Where the State Government is satisfied that the purpose for which the Authority was established under this Act have been substantially achieved so as to render the continued existence of the Authority in the opinion of the State Government as unnecessary or the Authority is not competent to perform or persistently makes default in the performance of duties imposed on it by or under this Act, the State Government may, by notification in the Official Gazette, declare that the Authority shall be dissolved with effect from such date as may be specified in the notification.
(2) From the said date-
(a) all assets, properties, funds and dues which are vested in or realisable by the Authority shall vest in or be realisable by the State Government;
(b) all liabilities which are enforceable against the Authority shall be enforceable against the State Government; and
(c) for the purpose of carrying out any development which has not been fully carried out by the Authority and for the purpose of realising assets, properties, funds and dues referred to in clause (a), the functions of the Authority shall be discharged by the State Government.
Power to remove difficulties.