445. Transfer of assets and liabilities of Improvement Trust to municipalities in case of dissolution.
(1)Notwithstanding anything contained in any other law for the time being in force, the Government may, by notification, abolish any Improvement Trust from such date, as may be specified in the notification (hereinafter in this section and in section 446, section 447 and section 448 referred to as the appointed day).(2)On and from the appointed day, the Improvement Trust specified in the notification issued under sub-section (1), shall stand dissolved and all its assets and liabilities, shall stand transferred to and vested in the concerned Municipality in such manner, as the Government may, by notification determine.(3)The assets of the Improvement Trust shall be deemed to include all properties and rights therein whether movable or immovable, belonging to or vested in the Improvement Trust including, in particular, cash balances, reserve funds, investments, deposits and all other interests and rights in or arising out of such properties, as may be in the possession of Improvement Trust, and the liabilities of the Improvement Trust shall be deemed to include all debts, liabilities and obligations of whatever kind existing and pertaining to the Improvement Trust.
