The Industries (Development And Regulation) Act, 1951
8. Dissolution of Development Council
(1) The Central Government may, if it is satisfied that a Development Council should cease to continue in being, by notified order, dissolve halt Development Council.
(2) On the dissolution of Development Council under subsection (1), the assets of the Development Council, after its liabilities, if any, are met there from, shall vest in the Central Government for the purpose of this Act.