Section 33(1)(iii) in The Bihar Agricultural Produce Markets Act, 1960
(iii)all the assets vesting in the Market Committee shall, subject to all its liabilities, vest in the Chief Commissioner except that in case a new Market Committee is constituted, they shall vest in the State Government only till the date of the first meeting of the new Market Committee at which a quorum is present and thereafter re-vest in the new Market Committee.