(c)the unexpended balance of the Town Area Fund or the Panchayat Fund and the property (including arrears of rates, taxes, rents and fees) belonging to the Town Area Committee or the Panchayat all rights and powers which prior to such notification were and vested in the Town Area Committee or the Panchayat shall, subject to all charges and liabilities affecting the same vest in the Committee until a Council is constituted under this Act;
