Section 53(2) in The Jammu and Kashmir Development Act, 1970
(2)From the said date-(a)all properties, funds and dues which are vested in or realisable by, the Authority shall vest in, or be realisable by, the Government ;(b)all Nazul lands placed at the disposal of the Authority shall revert the Government;(c)all liabilities which are enforceable against the Authority shall be enforceable against the Government; and(d)for the purpose of carrying out any development which has not been fully carried out by the Authority and for the purpose of realising properties, funds and dues referred to in clause (a), the functions of the Authority shall be discharged by the Government.
