(1) No provision of law other than this Act, relating to the winding up, dissolution or liquidation of the companies or corporations shall apply to the Corporation.
(2) The State Government may, if the Corporation exceeds its powers, or upon receipt of a report under section 23, call upon the Corporation to show cause why it should not be dissolved, and if no explanation is offered within the specified period, or if the State Government is not satisfied with the explanation, it may dissolve the Corporation from such date as may be specified.
(3) When the Corporation is dissolved under sub-section (2)-
(i) all Directors shall, from the date of dissolution, vacate their offices;
(ii) all powers and duties of the Corporation shall, during the period of dissolution, be exercised and performed by such person or persons as the State Government may appoint in this behalf;
(iii) all funds and other property vested in the Corporation shall, THE HIMACHAL PRADESH EX-SERVICEMEN CORPORATION ACT, 1979 15 during the period of dissolution, vest in the State Government. The Government may, in its discretion, reconstitute the Corporation after such period as it may think fit.