403. Devolution of assets and liabilities of dissolved [* * *] [Omitted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] Municipality.
- When a [Municipality] [Substituted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] is dissolved under Section 40 [* * *] [Omitted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] the State Government until the date of the reconstitution thereof and the reconstituted [Municipality] [Substituted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] thereafter, shall be entitled to all the assets and be subject to all the liabilities of the [Municipality] [Substituted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] as on the date of dissolution [* * *] [Omitted vide Orissa Act No. 11 of 1994 w.e.f. 31.5.1994.] and on the date of the reconstitution respectively.
