Dissolution of Company Board
(1) The Company Board formed pursuant to Section 169 shall ipso facto be dissolved on the date on which the Government of Nepal designates the Court as referred to in this Act, by a notification published in the Nepal Gazette.
(2) On the dissolution of the Company Board pursuant to Subsection (1), the appointment of the Chairperson, members and other employees serving on the Board shall ipso facto be terminated; and no compensation or additional amount shall be paid to them for such termination where any employee was disputed by other offices to the Board, their deputation shall ipso facto be terminated.
(3) On the dissolution of the Company Board pursuant to Subsection (1), all cases, and petitions related thereto, filed in and under consideration of or yet to be decided by the Board under this Act shall be transferred to the Court.
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