77. (1) If in the opinion of the Government, the Bank fails to carry out any of the obligations imposed on it by or under this Order the Government may by notification in the official Gazette declare the Board to be superseded, and thereafter the general superintendence and direction of the affairs of the Bank shall be entrusted to such agency as the Government may determine and such agency may exercise the power and do all acts and things which may be exercised or done by the Board under this Order.
(2) When action is taken under clause (1) the Government shall cause a full report of the circumstances leading to such action and of the action taken to be laid before the Legislature at the earliest possible opportunity and in any case within three weeks or the re-assembly thereof after the issue of the notification superseding the Board.
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