Section 22AR. Dissolving of Corporation

(1) The Government if satisfied that the purposes for which the Corporation was established under this Chapter have been substantially achieved so as to render its continuance unnecessary, it may by notification in the Government Gazette declare that the Corporation shall be dissolved with effect from such date as may be specified in the notification, and thereupon the Corporation shall stand dissolved accordingly. (2) From the said date referred to in sub-section (1),— (a) all properties, funds and dues which are vested in, or realizable by, the Corporation shall vest in, or be realizable by, the Government ; and (b) all liabilities which are enforceable against the Corporation shall be enforceable against the Government.