Section 500(b) in Karnataka Municipal Corporations Act, 1976
(b)the unexpended balance of the [Grama Panchayat Fund] [Substituted by Act 35 of 1994 w.e.f. 1.6.1994.] and the property (including arrears of rates, taxes and fees) belonging to the panchayat and all rights and powers which, prior to such notification, vested in the panchayat shall, subject to all charges and liabilities affecting the same, vest in the corporation of the [larger urban area] [Substituted by Act 35 of 1994 w.e.f. 1.6.1994.] (hereinafter referred to as the corporation);
