Section 157(c) in The Maharashtra Village Panchayats Act, 1959
(c)the unexpended balance of the municipal fund and property including arrears of rates, taxes and fees, belonging to the municipality, and all rights and powers, which prior to such notification, vested in the municipality shall, subject to all charges and liabilities affecting the same, vest in the interim Panchayat as the village fund until the new Panchayat is constituted in pursuance of the provision of sub-section (1) of section 158;
