(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 Sate Government unnecessary, it 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 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 realizable by the Authority shall vest in, or be realizable by, the State Government;
(b) all liabilities which are enforceable against the Authority shall be enforceable against the State Government; and
(c) any function which has not been fully carried out by the Authority shall be carried out by the State Government.