Section 115(1)(c) in Karnataka Panchayat Raj Act, 1993
(c)the unexpended balance of the municipal fund and the property (including arrears of rates, taxes and fees) belonging to the Municipal Council and all rights and powers which, prior to such notification, vested in the Municipal Council shall, subject to all charges and liabilities affecting the same vest in the interim Grama Panchayat as the Grama Panchayat Fund until a new Grama Panchayat is constituted in pursuance of the provisions of sub-section (1) of section 116;