Dissolution of Authority
Ultimate dissolution of Authority and transfer of their assets and liabilities to the Municipality
104. (1) When all schemes sanctioned under this Ordinance have been executed, or have been so far executed as to render the continued existence of the Authority in the opinion of the Government unnecessary, the Government may, by notification, declare that the Authority shall be dissolved from such date as may be specified in this behalf in such notification; and the Authority shall be deemed to be dissolved accordingly.
(2) On and from the said date-
(a) all properties, funds and dues which are vested in or realisable by the Authority and the Chairman respectively shall vest in and be realisable by the [Corporation];
(b) all liabilities which are enforceable against the Authority shall be enforceable only against the [Corporation];
(c) for the purposes of completing the execution of any scheme, sanctioned under this Ordinance, which has not been fully executed by the Authority and of realising properties, funds and dues referred to in clause (a), the functions of the Authority and the Chairman under this Ordinance shall be discharged by the [Corporation and its Mayor] respectively; and
(d) the [Corporation] shall keep separate accounts of all moneys respectively received and expended by them under this Ordinance until all loans raised hereunder have been repaid, and until all other liabilities referred to in clause (b) have been duly met.