Section 501B(a) in Karnataka Municipal Corporations Act, 1976
(a)so much of the funds and other property vesting in the municipal council, [or a town panchayat] [Substituted by Act 35 of 1994 w.e.f. 1.6.1994.] (hereinafter referred to as the local authority) shall be transferred to the corporation fund as the Government may, by order, in writing, direct;
