(1) Where the Government is satisfied that the purpose for which the Board was established has been substantially achieved so as to render the existence of the Board unnecessary, it may, by order published in the official Gazette, declare that the Board shall be dissolved with effect form such date as may be specified in the order and thereupon the Board shall be deemed to be dissolved accordingly.
(2) From the said date,-
(a) all properties, funds, dues which are vested in or releasible by the Board shall vest in or be releasible by the local authority concerned ;
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(b) all Government lands placed at the disposal of the Board shall revert to the Government;
(c) all liabilities which are enforceable against the Board shall be enforceable against the local authority concerned; and
(d) for the purpose of carrying out any development which has not been fully carried out by the Board and for the purpose of realising the properties, funds and dues referred to in clause (a), the functions of the Board shall be discharged by the local authority concerned.
(3) When the Board is dissolved under sub-section (1), the Government may pass such orders as it deems necessary in respect of the officers and servants of the Board.