[ (1) If the State Government is of opinion that Board has failed to carry out the functions under this Act, or that for any other reason it is not necessary to continue the Board, it may, by notification in the Gazette, dissolve the Board from such date as may be specified in the notification.
(2) Upon the publication of a notification under sub-section (1) dissolving the Board
(a) the Chairman, the Vice-Chairman and all members of the Board shall, as from the date of dissolution, vacate their offices ;
(b) all the powers and functions which may by or under this Act be exercised and performed by or on behalf of the Board shall, as from the date of dissolution, be exercised and performed, subject to the control of the State Government by such single person or institution as it may specify in that behalf and all subsisting contracts, agreements and other instruments to which the Board is a party or which are in favour of the Board may be enforced or acted upon, and all pending suits, appeals and other legal proceedings by or against the Board may be continued, prosecuted or enforced, by or against the State Government or such person or institution, as the case may be ;
(c) the Fund of and other properties vested in the Board shall vest in the State Government ; and
(d) all liabilities, legally subsisting and enforceable against the Board, shall be enforceable against the State Government [ *** ]
(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), the State Government may at any time, again establish a Board under section 4, thereupon
(a) the powers and functions as well as the rights and liabilities in relation to contracts, agreements and other instruments, and suits, appeals and other legal proceedings referred to in clause (b) of sub-section (2) shall re-vest in the Board ;
(b) the fund and other properties referred to in clause (c) of section (2) remaining with the State Government after meeting any liabilities referred to in clause (d) thereof shall re-vest in Board. ]