Section 5(3) in The Punjab Khadi and Village Industries Board Act, 1955
(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.
