Section 41(2) in The Hastinapur Town Development Board Act, 1954
(2)On and from the said date-(a)all properties, funds and dues placed at the disposal of the Board and all properties situated within the area of operation which immediately before the said date, were held by or realisable by the Board, shall vest in and be realisable by such local authority as may be constituted by the State Government under any law for the time being in force;(b)all liabilities which immediately before the said date, were enforceable against the Board shall be enforceable against the said local authority;(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 said local authority ; and(d)the said local authority shall keep separate accounts of all moneys respectively received and expended by it under this Act, until all loans raised thereunder have been repaid and until all other liabilities referred to in clause (c) have been duly met.
