(1) Where the Government is satisfied that the purposes 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 Government unnecessary that Government may, by notification in the official Gazette, declare the Authority shall be dissolved with effect from such date as may be specified in the notification and the Authority shall be deemed to be dissolved accordingly.
(2) From the said date- (a) all properties, funds and dues which are vested in or realisable by the Authority shall vest in or be realisable by, the Government;
(b) all liabilities which are enforceable against the Authority shall be enforceable against the Government; and
(c) for the purpose of carrying out and development which has not been fully carried out by the Authority and for the purpose of realising properties, funds and dues referred to in clause (a) the functions of the Authority shall be discharged by the Government.