Section 118(2) in Karnataka Panchayat Raj Act, 1993
(2)When the new panchayat areas are declared under this section so much of the Grama Panchayat fund and other property vesting in the existing Grama Panchayat shall vest in and such portion of the debts and obligations shall be transferred to, the Grama Panchayats established or the Administrator appointed under this section as the Deputy Commissioner may by order direct.
