law: The Pension Fund Regulatory and Development Authority Act, 2013
  44.
  
     Power
  
  of Central Government to supersede Authority.
  1.   If at any time the
  
  Central Government is of the opinion that-
  a.  
  
    on
  
  account of circumstances beyond the control of the Authority, it is unable to
  
  discharge the functions or perform the duties imposed on it by or under the
  
  provisions of this Act; or
  b.  
  
    the
  
  Authority has persistently defaulted in complying with any direction issued by
  
  the Central Government that the Central Government is entitled to issue under
  
  this Act or in the discharge of the functions or performance of the duties
  
  imposed on it by or under the provisions of this Act and as a result of such
  
  default the financial position of the Authority or the administration of the
  
  Authority has deteriorated; or
  c.  
  
    circumstances
  
  exist which render it necessary in the public interest so to do, the Central
  
  Government may, by notification and for reasons to be specified therein,
  
  supersede the Authority for such period, not exceeding six months, as may be
  
  specified in the notification:
  Provided that before issuing any such notification, the Central Government shall give a
  
  reasonable opportunity to the Authority to make representations against the
  
  proposed supersession and shall consider the representations, if any, of the
  
  Authority.
  1.  
  2.   Upon the publication
  
  of a notification under sub-section ( 1 ) superseding the Authority,-
  a.  
  
    the
  
  Chairperson and other members shall, as from the date of supersession, vacate
  
  their offices as such;
  b.  
  
    all
  
  the powers, functions and duties which may, by or under the provisions of this
  
  Act, be exercised or discharged by or on behalf of the Authority shall, until
  
  the Authority is reconstituted under sub-section ( 3 ), be exercised and
  
  discharged by the Central Government; and
  c.  
  
    all
  
  properties owned or controlled by the Authority shall, until the Authority is
  
  reconstituted under sub-section ( 3 ), vest in the Central Government.
  1.  
  2.  
  3.   On or before the
  
  expiration of the period of supersession specified in the notification issued
  
  under sub-section ( 1 ), the Central Government shall reconstitute the
  
  Authority.
  4.   The Central
  
  Government shall, as soon as may be, cause a copy of the notification issued
  
  under sub-section ( 1 ) and a full report of any action taken by it, to be
  
  laid before each House of Parliament.