(1) If, on consideration of the report under section 28 or otherwise, the Government are of opinion that the Board has persistently made default in the performance or the duties imposed on it by or under the provisions of this 13 Act or the scheme or has exceeded or abused its powers, the Government may, by notification in the Gazette, supersede the Board for such period not exceeding six months as may be specified in the notification:
Provided that, before issuing a notification under this sub section, the Government shall give a reasonable opportunity to the Board to show cause why it should not be superseded and shall consider the explanations and objections, if any, of the Board.
(2) Upon the publication of a notification under sub-section (1),—
(a) all the Directors of the Board shall, as from the date of such publication, be deemed to have vacated their offices as such Directors;
(b) all the powers and duties which may be exercised or performed by the Board shall, during the period of supersession be exercised or performed by such officer or officers as may be specified in the notification;
(c) all funds and other properties vested in the Board shall, during the period of supersession, vest in the Government.
(3) On the expiration of the period of supersession specified in the notification issued under sub-section (1), the Government shall reconstitute the Board in the manner provided in section 9.