(4)Where any Village Panchayat area is constituted as, or included in, a [Municipality] [ Substituted 'Town Panchayat' by Act 14 of 1999, w.e.f. 24-3-1999.], the Government may pass such orders as they may deem fit as to the transfer to the Municipality or disposal otherwise of the assets or institutions of such Panchayat in that area, and as to the discharge of the liabilities if any, of such Panchayat relating to such assets or institutions.
