Section 35(3)(a) in The Punjab Agricultural Produce Markets Act, 1961
(a)When the State Government has made an order under clause (c) of sub-section (2), the assets and liabilities defined in clause (b) of sub- section (2) vesting in the Board at the date of such order shall be deemed to have been transferred on the date of such order to the new Committee or authority constituted as aforesaid.