s 152
(1) 'The Minister may, on a date to be determined by him, by notice published in the Gazette, order the winding up of the Central Board established under section 92 of the Education Act 1961. (2) Upon its winding up— (a) the members, including the Chairman of the Board, shall cease to hold office; (b) the Board shall cease to be the employer of a teacher in an educational institution; (c) any interests in any movable or immovable property and any rights and liabilities which hitherto were vested in or might be had by the Board immediately prior to the date of the winding up of the Board shall devolve on the Government; and (d) the Minister may give such directions as he deems proper in respect of any staff or employee of the Board.