Transfer of assets etc., on abolition of village Panchayat or Gaon Sabhas

(1)If in any area of a village Panchayat established under the Punjab Village Panchayat Act, 1939, more than one GaoaSabhas are established under the Delhi Land Reforms Act, 1954, the assets, funds and other properties of the village Panchayat, which is abolished, shall vest in, and its liabilities shall be transferred to the Gaon Sabhas established in such area in equal shares.