Section 5 of Calicut Municipal Corporation (Extension of Time for Reconstitution) Act, 1976 — Assets and liabilities of council

Assets and liabilities of council. the Government until the date of reconstitution of the council in pursuance of sub-section

1. (2)of section 3, and the reconstituted council thereafter, shall be entitled to all the assets and be subject to all the liabilities of the Corporation as on the date of commencement of this Act and on the date of reconstitution respectively.