Section 29(2) in The Oil Industry (Development) Act, 1974
(2)When the Board is dissolved under the provisions of sub-section (1),-(a)all members, notwithstanding that their term of office has not expired, shall, from the date of dissolution, vacate their offices as such members;(b)all powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf;(c)all funds and other properties vested in the Board shall, during the period of dissolution, vest in the Central Government.
