Passing of property, rights and liabilities to municipality constituted under

this Act :- All property, all rights of whatever kind, used, enjoyed, possessed by, and all interests of whatever kind owned by or vested in or held trust by or for a municipality constituted under the Madras District Municipalities Act, 1920 (Madras Act V of 1920), and a Municipality constituted under the Bihar and Orissa Municipal Act, 1922(Bihar and Orissa Act VII of 1922) as well as all liabilities legally subsisting against the said municipalities or municipalities shall pass to the municipality concerned as constituted under this Act.