Section 44(2) in The Pepsu Townships Development Board Act, 1954
(2)On and from the said date -(a)all properties and funds placed at the disposal of the Board, all properties situated within the area of operation which immediately before the said date were held by the Board and all dues realisable by the Board, shall vest in, and realisable [* * * * * * *] [Certain words omitted by Punjab Act No. 6 of 1969.] by the State Government;(b)all liabilities which, immediately before the said date, were enforceable against, the Board shall be enforceable against [the State Government] [Substituted for the words 'the said local authority concerned' by Punjab Act No. 6 of 1969.].(c)for the purpose of completing the execution of any work undertaken but not fully executed by the Board, and of realising properties, funds and dues referred to in clause (a), the functions of the Board under this Act shall be discharged by [the State Government] [Substituted for the words 'the said local authority concerned' by Punjab Act No. 6 of 1969.]; and(d)[the State Government] [Substituted by Punjab Act No. 6 of 1969.] shall keep separate account of all moneys respectively received and expended by [it] [Substituted for the word 'them' by Punjab Act No. 6 of 1969.] under this Act until all loans raised thereunder have been repaid and until all liabilities referred to in clause (c) have been duly met.
