Section 22AQ. Power of Government in case of Default by the Corporation.

(1) If the Government after giving the Corporation an opportunity to render an explanation is satisfied that the Corporation has made a default in performing any duty or obligation imposed or cast on it by or under this Chapter the Government may fix a period for the performance of that duty or obligation and give notice to the Corporation accordingly. (2) If in the opinion of the Government the Corporation fails or neglects to perform such duty or obligation within the period so fixed for its performance, it shall be lawful for the Government, after having given the Corporation to show cause against such order, by order supersede the Corporation and thereafter reconstitute the Corporation, as it deems fit. (3) After the supersession of the Corporation and until it is reconstituted in the manner laid down in Chapter, the powers, duties and functions of the Corporation under this Chapter shall be carried on by the Government or by such officer or officers or body of officers as the Government may appoint for this purpose from time to time, and the cost thereof shall be met from the funds of the Corporation. (4) All property vested in the Corporation shall, during the period of supersession, vest in the Government.