(1)The State Government may, by notification, declare that with effect from such date as may be specified in the notification, the Board sh all be dissolved: Provided that no such declaration shall be made by the State Government unless a resolution to that effect has been moved in and passed by both Houses of the State Legislature.(2)With effect from the date specified in the notification under sub-section (1),-(a)all properties, funds, and dues which are vested in and realisable by the Board shall vest in and be realisable by the State Government;(b)all liabilities enforceable against the Board shall be enforceable against the State Government to the extent of the properties, funds and dues vested in and realised by the State Government.(3)Nothing in this section shall affect the liability of the State Government in respect of loans or debentures guaranteed under sub-section (5) of section 54.
