(1) Where the State Government is satisfied that the purpose for which any Regional Development Authority was established under this Act have been substantially achieved so as to render the continued existence of such Regional Development Authority in the opinion of the State Government unnecessary, the State Government may by notification in the Official Gazette declare that such Regional Development Authority shall be dissolved with effect from such date as may be specified in the notification, and such Regional Development Authority shall be deemed to have been dissolved accordingly.
(2) From the said date, -
(a) all properties, funds and dues which are vested in, or realizable by such Regional Development Authority shall vest in or be realizable by the State Government;
(b) all lands placed at the disposal of such Regional Development Authority shall revert to the State Government;
(c) all liabilities which are enforceable against such Regional Development Authority shall be enforceable against the State Government; and
(d) for the purpose of carrying out any work which has not been fully carried out and for the purposes of realizing properties, funds and dues referred to in sub-clause (a) and for such other purposes as may be required, the functions of such Regional Development Authority shall be discharged by the State Government.