Section 44 in The Pepsu Townships Development Board Act, 1954
44. Dissolution of Board and transfer of its assets and liabilities to [State Government] [Substituted for the words 'any local authority' by Punjab Act No. 6 of 1969, Section 2.]
. - (1) When all the townships under this Act have been constructed and developed or have been so far constructed and developed as to render the continued existence of the Board, in the opinion of the State Government, unnecessary, the State Government may [ * * * * * * *] [Omitted by Punjab Act 19 of 1973, Section 2.] by notification in the Official Gazette, declare that the Board shall be dissolved on such date as may be specified in the notification, and the Board shall be deemed to be dissolved accordingly.(2)On and from the said date -(a)all properties and funds placed at the disposal of the Board, all properties situated within the area of operation which immediately before the said date were held by the Board and all dues realisable by the Board, shall vest in, and realisable [* * * * * * *] [Certain words omitted by Punjab Act No. 6 of 1969.] by the State Government;(b)all liabilities which, immediately before the said date, were enforceable against, the Board shall be enforceable against [the State Government] [Substituted for the words 'the said local authority concerned' by Punjab Act No. 6 of 1969.].(c)for the purpose of completing the execution of any work undertaken but not fully executed by the Board, and of realising properties, funds and dues referred to in clause (a), the functions of the Board under this Act shall be discharged by [the State Government] [Substituted for the words 'the said local authority concerned' by Punjab Act No. 6 of 1969.]; and(d)[the State Government] [Substituted by Punjab Act No. 6 of 1969.] shall keep separate account of all moneys respectively received and expended by [it] [Substituted for the word 'them' by Punjab Act No. 6 of 1969.] under this Act until all loans raised thereunder have been repaid and until all liabilities referred to in clause (c) have been duly met.(3)[ The properties and funds vested in the State Government under sub-section (2) which remain after meeting out the liabilities of the Board shall be transferred to such local authority or local authorities as may be having jurisdiction over the townships in such proportion as the State Government may by order determine.] [Sub-section (3) added by Punjab Act 19 of 1973, Section 10.]
