Under Section 39(2)(c), upon publication of a notification superseding the Authority, all property owned or controlled by the Authority shall, until it is re-constituted, vest in:

Section 39(2), which takes effect upon publication of a supersession notification, has three consequences: (a) all members vacate office, (b) the Authority's powers/functions are exercised by such person(s) as the Central Government directs, and (c) - distinctly - all property owned or controlled by the Authority vests directly in the CENTRAL GOVERNMENT itself (not merely in the person exercising the Authority's day-to-day powers/functions under clause (b)), until the Authority is re-constituted under Section 39(3). This separation between who exercises functional powers (clause (b)'s appointee) and who holds legal title to property (the Central Government under clause (c)) is a subtle but important distinction.