Section 600(2)(g) in The Punjab Municipal Act, 1999
(g)all properties, movable or immovable, all rights of whatever kind used, enjoyed or possessed by, and all interests of whatever kind owned by or vested in, -(i)a Class I, Class II or Class III Municipal Council or a Nagar Panchayat, constituted under the Punjab Municipal Act, 1911, shall at the commencement of this Act, be deemed to be owned or vested in the Class 'A', Class 'B' or Class 'C' Municipal Council or the Nagar Panchayat, as the case may be, as constituted under this Act; and(ii)the Corporation constituted under the Punjab Municipal Corporation Act, 1976, shall at the commencement of this Act, be deemed to be owned by, or vested in the Municipal Corporation, constituted under this Act;