(1)In the Karnataka Urban Development Authorities Act, 1987 (Karnataka Act 34 of 1987), in section 78, the words "the Bagalakote Town Development Authority" wherever they occur, shall be omitted.(2)The moneys standing to the credit of fund in the Bagalkot Town Development Authority on the date of commencement of this Act together with any other assets belonging to such fund shall stand transferred to and vest in the Authority and the Authority shall be liable to discharge the obligations of Bagalkot Town Development Authority in respect of such funds.
