Section 76(2) in The Bombay Provincial Municipal Corporations Act, 1949
(2)All immovable and other property, wherever situate, which on the date immediately preceding the appointed day vested-(a)in any municipality or local authority which has been superseded by or under this Act in consequence of the inclusion in the City of the area for which it was constituted, or(b)in [the State Government] by reason of the supersession or dissolution of such municipality or local authority under any law relating to such municipality or local authority,shall upon and after the said day vest in and be held by the Corporation having jurisdiction in such City as trustees for the purposes of this Act but subject to all trusts, charges and liabilities affecting the same.
