(1) Where the Central Government is satisfied that the purposes for which the Board was established under this Act have been substantially achieved or the Board has failed in its objectives, so as to render the continued existence of the Board in the opinion of the Central Government unnecessary, that Government may, by notification in the Official Gazette, declare that the Board shall be dissolved with effect from such date as may be specified in the notification; and the Board 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 Board shall vest in, or be realisable by, the Central Government;
(b) all liabilities which are enforceable against the Board shall be enforceable against the Central Government;
(c) for the purpose of carrying out any development which has not been fully carried out by the Board and for the purpose of realising properties, funds and dues referred to in clause (a) the functions of the Board shall be discharged by the Central Government.
(3) Nothing in this section shall be construed as preventing the Central Government from reconstituting the Board in accordance with the provisions of this Act.