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(1) Where the State Government is satisfied that the purposes for which the Development Authority was established under this Act have been substantially achieved so as to render the continued existence of the Development Authority, in the opinion of the State Government is unnecessary, the Government may, by order in the Official Gazette, declare that the Development Authority shall be dissolved with effect from such date as may be specified in the order and the Development Authority shall be dissolved accordingly. (2) With effect from the said date specified in the order under sub-section (1),- (a) all properties, funds and dues which are vested in the Development Authority, or realisable by the Development Authority shall vest in, or be realisable by, the Government ; (b) all liabilities enforceable against the Development Authority shall be enforceable against the Government. (3) Every order made under sub-section (1) shall be placed, as soon as may be, before each House of the State Legislature.
<span style="margin-left:15px;"></span>(<i>1</i>) Where the State Government is satisfied that the purposes for which the Development Authority was established under this Act have been substantially achieved so as to render the continued existence of the Development Authority, in the opinion of the State Government is unnecessary, the Government may, by order in the <i>Official Gazette</i>, declare that the Development Authority shall be dissolved with effect from such date as may be specified in the order and the Development Authority shall be dissolved accordingly.<br> <span style="margin-left:15px;"></span>(<i>2</i>) With effect from the said date specified in the order under sub-section (<i>1</i>),-<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(<i>a</i>) all properties, funds and dues which are vested in the Development Authority, or realisable by the Development Authority shall vest in, or be realisable by, the Government ;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><i>(b)</i> all liabilities enforceable against the Development Authority shall be enforceable against the Government.<br> <span style="margin-left:15px;"></span>(<i>3</i>) Every order made under sub-section (<i>1</i>) shall be placed, as soon as may be, before each House of the State Legislature.<br>