Section 44(2)(a) in The Pepsu Townships Development Board Act, 1954
(a)all properties and funds placed at the disposal of the Board, all properties situated within the area of operation which immediately before the said date were held by the Board and all dues realisable by the Board, shall vest in, and realisable [* * * * * * *] [Certain words omitted by Punjab Act No. 6 of 1969.] by the State Government;