(1) All property, all rights of whatever kind used, enjoyed or possessed by, and all interests of whatever kind owned by or vested in or held in trust by or for the Chowghat or Kottapadi Panchayat or the Malabar District Board as well as all liabilities legally subsisting against any of these Panchayats and the Malabar District Board, shall, in so far as such property, rights, interests or liabilities relate to the whole or any part of the Guruvayur Township, stand transferred, on and from the appointed date to the Township Committee.
(2) If any dispute arises whether any property, right, interest or liability referred to in sub-section (1) relate to the Guruvayur Township or not under the said sub-section, the matter 4 shall be referred to the Government, and the decision of the Government thereon shall be final.
(3) All arrears of taxes or other payments by way of composition for a tax or due for expenses or compensation or otherwise, due to either of the aforesaid Panchayats or the Malabar District Board, immediately before the appointed date may, in so far as such arrears or other payments relate to the whole or any part of the Guruvayur Township, be recovered by the Township Committee.
(4) All proceedings taken by or against either of the aforesaid Panchayats or the Malabar District Board may, in so far as they relate to any of the matters provided for in subsections (1) and (3), be continued by or against the Township Committee.