(1) The State Government may, by notification in the Official Gazette, declare that with effect from such date as may be specified in the notification, the Board shall be dissolved.
(2) With effect from the date specified in the notification under sub-section (1)- (a) all properties, funds and dues which are vested in or realizable by the Board shall vest in and be realizable by the State Government.
(b) all liabilities enforceable against the Board shall be enforceable against the State Government to the extent of the properties, funds and dues vested in and realized by the State Government.
(3) Nothing in this section shall affect the liability of the State Government in respect of loans or debentures guaranteed under sub-section (5) of section 44.
(2) With effect from the date specified in the notification under sub-section (1)- (a) all properties, funds and dues which are vested in or realizable by the Board shall vest in and be realizable by the State Government.
(b) all liabilities enforceable against the Board shall be enforceable against the State Government to the extent of the properties, funds and dues vested in and realized by the State Government.
(3) Nothing in this section shall affect the liability of the State Government in respect of loans or debentures guaranteed under sub-section (5) of section 44.
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Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · words and expressionsSection 4 · Establishment of the BoardSection 5 · Constitution of the BoardSection 6 · Term of office of the Chairman and non-official membersSection 7 · Disqualifications for appointment on the BoardSection 8 · Remuneration to the Chairman and membersIndia Code, Government of India. Text fetched 22 Oct 2026. Source metadata reports last modification: 2026-05-11. Check the linked official text and subsequent notifications when applying a provision.