(3)[ Where any municipality is abolished under sub-section (1) and subsequently the area comprising the municipality so abolished is declared to be a Sabha area under sub-section (1) of Section 4 of the Punjab Gram Panchayat Act, 1952, the assets and liabilities referred to in sub-section (2) shall vest in the Gram Panchayat of the Sabha area from the date of its establishment under section 5 of the Punjab Gram Panchayat Act, 1952.Explanation. - For the purposes of this sub-section, the assets shall include all arrears of taxes, tolls, cesses, rates, dues and fees imposed under this Act or any rule or bye-law which fell due to the committee of the municipality immediately before the date of its abolition and the same shall be recoverable by the Gram Panchayat as if these were arrears due to the Gram Panchayat.] [Sub-section (3) inserted by Haryana Act 12 of 1979.]
