Section 33(2) in Punjab Regional and Town Planning and Development Act, 1995
(2)On the constitution of a new Special Urban Planning and Development Authority under sub-section (1), the assets and liabilities of the Special Urban Planning and Development Authority from whose jurisdiction the area is so excluded (hereinafter referred to the existing Special Urban Planning and Development Authority) shall be apportioned between the successor Special Urban Planning and Development Authorities in the manner specified hereinafter-(i)all lands and stores, articles and other goods belonging to the existing Special Urban Planning and Development Authority shall, -(a)If within the area of jurisdiction of the Special Urban Planning and Development Authority, pass on to the successor Special Urban Planning and Development Authority in whose area they are situated;(b)If outside the area of the Special Urban Planning and Development Authority, be apportioned between the successor Special Urban Planning and Development Authorities according to ratio of the area falling under their respective jurisdiction.(ii)The bank balances and grants received from time to time shall be apportioned between the successor Special Urban Planning and Development Authorities according to ratio of the area falling under their respective jurisdiction:Provided that a grant given for the development of an area which falls within the exclusive jurisdiction of any of the successor Special Urban Planning and Development Authorities, shall be transferred to that successor Special Urban Planning and Development Authority;(iii)Where before the date of exclusion of any area the existing Special Urban Planning and Development Authority has made any contract for the purpose of that Authorities, that contract shall be deemed to have been made, -(a)if the purposes of the contract are on and from the date of exclusion of the area exclusively purposes of any one of the successor Special Urban Planning and Development Authority, by that successor Authority; and(b)if the purposes of the contract are on and from that date not exclusively purposes of any one of the Special Urban Planning and Development Authorities, by all the Special Urban Planning and Development Authorities and, the rights and liabilities which has accrued or may accrue under any such contract shall, to the extent to which they would have been the rights and liabilities of the existing Special Urban Planning and Development Authority, be the rights and the liabilities of the successor Special Urban Planning and Development Authority or, as the case may be, the successor Special Urban Planning and Development Authorities, according to the ratio of the area falling under their respective jurisdiction.
