Section 48 in Gujarat Industrial Development Act, 1962
48. Dissolution of Corporation.
(1)The State Government if satisfied that the purposes for which the Corporation was established under this Act have been substantially achieved so as to render its continuance unnecessary, it may be notification in official 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-(a)all properties, funds and dues which are vested in, or realisable by, the Corporation shall vest in, or be realisable by, the State Government, and(b)all liabilities which are enforceable against the Corporation shall be enforceable against the State Government.
