(1) The Central Government may, by notification in the Official Gazette and for reasons to be specified therein, direct that the Board shall be dissolved from such date and for such period as may be specified in the notification:
     Provided that before issuing any such notification, the Central Government shall give a reasonable opportunity to the Board to make representations against the proposed dissolution and shall consider the representations, if any, of the Board.
     (2) When the Board is dissolved under the provisions of sub-section (1)--
         (a) all members, notwithstanding that their term of office has not expired, shall, from the date of dissolution, vacate their offices as such member;
         (b) all powers and duties of the Board shall, during the period of dissolution, be exercised and performed by such person or persons as the Central Government may appoint in this behalf and their remuneration shall be such as may be prescribed;
         (c) all funds and other properties vested in the Board shall, during the period of dissolution, vest in the Central Government; and
         (d) as soon as the period of dissolution expires, the Board shall be reconstituted in accordance with the provisions of this Act.