(1) If in the opinion of the 1[Central Government] the Bank fails to carry out any of the obligations imposed on it by or under this Act 2*** 3[the Central Government] may, by notification in the Gazette of India, declare the Central Board to be superseded, and thereafter the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the 1[Central Government] may determine, and such agency may exercise the powers and do all acts and things which may be exercised or done by the Central Board under this Act.
(2) When action is taken under this section the 1[Central Government] shall cause a full report of the circumstances leading to such action and of the action taken to be laid before 4[Parliament] at the earliest possible opportunity and in any case within three months from the issue of the notification superseding the Board.
1Subs. by the M.O. 1937, for "G.G. in C.".
2The words "or by or under the law of Burma" omitted by Act 11 of 1947, s. 17 (w.e.f. 1-4-1947) which was earlier inserted by the M.O. 1937.
3Subs. by the M.O. 1937, for "he".
4Subs. by the A.O. 1950, for "the Central Legislature".