Section 5 in The Punjab Khadi and Village Industries Board Act, 1955
5. Term of office and dissolution of Board
. - (1) The Board shall, unless sooner dissolved by the Government, continue for a period of three years from the date of its establishment or till a new Board is appointed thereafter:Provided that the Government may, at any time, with the previous approval of the State Legislature, by a notification in the official gazette, make a declaration that from such date, as may be specified in the notification, the Board shall be dissolved.(2)Any member [-] [The words 'other than a Chairman' omitted by Punjab Act 30 of 1964, section 4.] may at any time resign his office by giving notice in writing to the Chairman of the Board and on its being accepted by the Government he shall be deemed to have vacated his office from the date of such acceptance :[Provided that the Chairman shall give such notice to the Government.] [Proviso added by Punjab Act 30 of 1964, section 4.](3)On the Board ceasing to exist, either by efflux of time or by dissolution by the Government, as provided in sub-section (1) -(i)all funds and other properties vested in Board shall vest in Government; and(ii)all liabilities, legally subsisting and enforceable against the Board shall be enforceable against Government to the extent of funds and properties vested in the Government under clause (i) above.
