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