(1)

The Central Government, if it is of opinion that the Corporation has failed to carry out its functions under this Act or that for any other reason it is not necessary to continue the Corporation, may, by notification in the Official Gazette, dissolve the Corporation from such date as may be specified in the notification.

(2)

When the Corporation is dissolved under sub-section (1),—

(a) all members of the Corporation shall, from the date of dissolution, vacate their offices as such members;

(b) all powers and duties of the Corporation shall, as from the date of dissolution, be exercised and performed by the Central Government or such person or persons as the Central Government may appoint in this behalf;

(c) all moneys and other properties of the Corporation shall vest in the Central Government.