Section 64(3)

(3) Notwithstanding anything contained in sub -section ( 1) or sub -section ( 2), the Board of Directors of the Corporation may, with the previous approval of the Central Government and shall, if so required by the Central Gove rnment, co nvene at any time afte r the appointed day a meeting for the consideration of a scheme for the reconstitution or reorganisation or dissolution, as the case may be, of the Corporation, including proposals regarding the formation of new Corporation , and the t ransfer thereto of th e assets, rights and liabilities of the existing Corporation, and if such a scheme is approved at the general meeting by a resolution passed by a majority of the shareholders present and voting, the scheme shall be submitted to the Cen tral Government for its sanct ion.