Section 262(1)(c) in The Gujarat Panchayats Act, 1993
(c)the unexpended balance of the village funds and all the properties including areas of rates, taxes and fees belonging to such panchayats and all rights and powers which prior to the said date, vested in such panchayats shall, subject to all charges and liabilities affecting the same, vest as the village fund-(i)in the administrator or administrators until the panchayat for the amalgamated village is constituted and holds its first meeting under sub-section (1) of section 51, and(ii)thereafter, the amalgamated panchayat: