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