27Dissolution of Board and transfer of assets and liabilities

(1) When the Central Government is of opinion that a Board has performed its functions under this Act, the Central Government, after consultation with the Governments interested, may, by notification in the Official Gazette, declare that the Board shall be dissolved from such date as may be specified in this behalf in such notification; and the Board shall be deemed to have been dissolved accordingly.

(2) On the dissolution of the Board by a notification under sub-section (1),--

(a) all properties, funds and dues which are vested in, or realisable by, the Board shall vest in, and be reliable by, such Government or authority as may be specified in the said notification; and

(b) all liabilities which are enforceable against the Board shall be enforceable only against the Government or authority specified in the said notification.