- On the commencement of this Act, all assets and liabilities and all property, movable or immovable and all other rights and interest arising out of such property as were immediately before the commencement of this Act in the ownership, possession, power or control of the Gram Panchayats, Panchayat Samitis shall be transferred to and shall vest in, the corresponding Gram Panchayats or Panchayats Samitis, as the case may be.
