(1) [The State Government shall, by notification in the Official Gazette constitute the Board for the whole of the State of Maharashtra for the purpose of administering the Fund, and to carry on such other functions assigned to the Board by or under this Act.] The Board shall consist of the [following members, not exceeding twenty-six in number], namely:-
(a) such number as may be prescribed of representatives of employers and employees to be nominated by the State Government :
Provided that both employers and employees shall have equal representation on the Board;
(b) such number of independent members as may be prescribed, nominated by the State Government &34567[(6) Notwithstanding anything contained in this section, until the Board for the State of Maharashtra is duly constituted in accordance with the provisions of sub-section (1), the existing Board functioning and operating immediately before the commencement of the Bombay Labour Welfare Fund (Extension and Amendment) Act, 1961 (Mah. XXXVI of 1961), in any area of the State shall continue to function and operate in that area and shall be the Board for the purpose of this Act for that area ; and on the constitution of the Board for the whole of the State of Maharashtra under sub-section (1)-
(a) such existing Board shall stand dissolved, and the members, thereof shall vacate office ;
(b) all properties, funds and dues which are vested in or realisable by the existing Board shall vest in, and be realisable by the Board so constituted ;
(c) all rights and liabilities which were enforceable by or against the existing Board, shall be enforceable by or against the Board so constituted and wherein any proceedings in any court or tribunal the existing Board is a party thereto, the Board so constituted shall be deemed to be substituted as a party to those proceedings ; and
(d) the Welfare Commissioner and the other officers and servants of the existing Board shall continue to be the Welfare Commissioner and officers and servants of the Board so constituted; but the terms and conditions of service of the Welfare Commissioner and other officers and servants shall not, until duly altered by a competent authority, be less favourable under the Board so constituted than those admissible to them while in the service of the existing Board.]