(1) The State Government may, by notification, abolish an improvement Trust from such date as may be specified in the notification, hereinafter referred to as the appointed day.
(2) On the appointed day the Improvement Trust specified in the notification issued under sub-section (1) shall stand dissolved and all its assets and liabilities shall stand transferred to and vested in the Board.
(3) The assets of the Improvement Trust shall be deemed to include all rights and all property, whether movable or immovable, belonging to or vested in the Improvement Trust including in particular cash balances, reserve funds, investments, deposits and all other interests and rights in or arising out of such property as may be in the possession of the Improvement Trust and all books of account or documents kept or maintained by the Improvement Trust, and the liabilities of the Improvement Trust shall be deemed to include all debts, liabilities and obligations of whatever kind when existing and pertaining to the Improvement Trust.