Section 78(4)(c) in Karnataka Urban Development Authorities Act, 1987
(c)All assets and liabilities of and all contracts made by or on behalf of,-(i)the Improvement Board;(ii)[the Bagalkot Town Development Authority] [These words are to be omitted when Act 12 of 1996 is brought into force.](iii)the City Improvement Trust Board, immediately before the date of constitution of an Authority for the Urban Area under this Act and subsisting on that date shall stand transferred to the concerned Urban Development Authority;