Section 4(2)(iv) in Gujarat Panchayats (Suspension of Provisions and Reconversion of Certain Local Areas into Municipal Districts) Act, 1962
(iv)the unexpended balance of the gram fund, or as the case may be, nagar fund and property (including arrears of rates, taxes and fees) belonging to the interim panchayat and all rights and powers which before the said date vested in the interim panchayat shall subject to all charges and liabilities affecting the same, vest jd the municipality so revived respectively as the municipal fund and property;