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121. (1) When by reason of a notification under section 3 any local area ceases to be a Municipality and is immediately placed under the control of another local authority, the municipal fund and other property vesting in the Municipality shall vest in such other local authority, and the liabilities of the Municipality shall be transferred to such other local authority. (2) When, in like manner, any local area ceases to be a Municipality and is not immediately placed under the control of another local authority, the municipal fund and other property vesting in the Municipality shall vest in 1[by the State Government] and the liabilities of the Municipality shall be transferred to 2[by the State Government].
<span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><b>121.</b> (1) When by reason of a notification under section 3 any local area ceases to be a Municipality and is immediately placed under the control of another local authority, the municipal fund and other property vesting in the Municipality shall vest in such other local authority, and the liabilities of the Municipality shall be transferred to such other local authority.<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(2) When, in like manner, any local area ceases to be a Municipality and is not immediately placed under the control of another local authority, the municipal fund and other property vesting in the Municipality shall vest in <b><sup>1</sup></b>[by the State Government] and the liabilities of the Municipality shall be transferred to <b><sup>2</sup></b>[by the State Government]. <br>