Vesting of property ceasing to have jurisdiction.

When a local authority which is a Planning and Development Authority ceases to exist or ceases to have jurisdiction over any area included in a town planning scheme, the property and rights vested in such Planning and Development Authority under this Act, shall, subject to all charges and liabilities affecting the same vest in such other Planning and Development Authority or Authorities as the Government may, with the consent of such authority or authorities, by notification direct; and the Planning and Development Authorities or each of such authorities shall have all the powers under this Act in respect of such schemes or such part of a scheme which the Planning and Development Authority had, immediately before it ceased to exist or ceased to have jurisdiction.