Dissolution of Regional Planning Board, Special Planning Authority and New Town Development Authority.

(1) Where the State Government is satisfied that the purposes for which any Regional Board, Special Planning Authority or Development Authority was established under this Act have been substantially achieved so as to render the continued existence of the Board or Authority in the opinion of the State Government unnecessary, ¹[or where the State Government is of opinion that the work of acquiring, developing and disposing of land in the area of any new town should be entrusted to any corporation, company or subsidiary company referred to in sub- section (3A) of section 113,] the State Government may, by notification in the Official Gazette, declare that the Regional Board, Special Planning Authority or Development Authority ²[constituted under sub-section (2) of section 113] shall be dissolved with effect from such date as may be specified in the notification ³[or that the Development Authority declared under sub-section (3A) of section 113 shall cease to function in relation to such area of the new town from such date as may be specified in the notification,] and such Board or Authority shall be deemed to be dissolved accordingly⁴[or as the case may be, shall be deemed to cease to function in relation to such area of such new town.]

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(2) From the said date-

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(a) all properties, funds and dues which are vested in, or realisable by the Regional Board, Special Planning Authority or Development Authority ⁵[for the purposes of the Act] shall vest in, or be realisable, by the State Government ;

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(b) all liabilities which are enforceable against the Regional Board, Special Planning Authority or Development Authority shall be enforceable against the State Government ; and

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(c) for the purpose of carrying out any development which has not been fully carried out by the Board or Authority and for the purpose of realising properties, funds and dues referred to in clause (a), the functions of the Regional Board, Special Planning Authority, or Development Authority shall be discharged by the State Government.

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⁶[(3) Where a Development Authority constituted under sub-section (2) of section 113 for the area of any new town is dissolved, and a corporation or company in relation to that area is declared to be New Town Development Authority for that area under sub-section (3A) of section 113, then the provisions of sub-section (2) of this section shall consequent upon such dissolution apply with this modification that as if for the words " State Government " wherever they occur , the words, brackets, figures and letter " Development Authority declared under sub-section (3A) of section 113 " were substituted.]