(2)If, at the end of such period the Board fails to take such measures, Government may assume possession and management of the works already constructed and may, by a like notification, declare the powers of the Board to be withdrawn or revoked and upon publication of such modification, all immovable and movable property, all rights of levying and recovering rates and penalties, all benefit of contracts, and all rights of suit which at the time are vested in the Board shall be transferred to, and vested in Government and the rights of all creditors of the Board under this Act shall continue as against Government to the extent of the property so transferred to and vested in them.
