Section 26Dissolution of the Corporation

s. 26

26. Dissolution of the Corporation (1) The Government may, by notification in the official Gazette, direct that the Corporation shall be dissolved from such date as may be specified in the notification, and thereupon the Corporation shall stand dissolved on that date. (2) On and from the aforesaid date,- (a) all assets acquired, and all liabilities and obligations incurred, by the Corporation for purposes of the Corporation or for any of the purposes referred to in this Act shall devolve on the Government; and (b) the Chairman and Directors shall vacate their offices.