Section 173(15) in Karnataka Municipalities Act, 1964
(15)When the Government is satisfied that all such improvement schemes as it deems necessary have been executed by the Improvement Board, and that such further measures as may be necessary for the improvement of the [municipal area] [Substituted by Act 36 of 1994 w.e.f. 1-6.1994.] may conveniently be undertaken by the municipal council, the Government may by notification declare that the Improvement Board shall stand dissolved with effect from such date as shall be specified in such notification. Every such notification shall include provisions relating to the devolution of the assets and liabilities of the Board, the disposal or management of property vested in the Board, the completion of incomplete works, and all other matters incidental to the dissolution of the Board and the winding up of its affairs:Provided that all immovable properties vested in the Board on the date of its dissolution and not expressly reserved to Government in the said notification shall thereafter vest in the municipal council.
