Notwithstanding anything contained in the Bombay District Municipal Act, 1901 (Bom. III of 1901) or any other law for the time being in force,---
(a) an interim municipality shall be deemed to have been duly constituted on the appointed day for the municipal district of Ambernath by the name of the Municipality of Ambernath consisting of the President, Vice-President and twelve other councillors all specified in the Schedule for the period commencing on the appointed day and ending with the 18th March 1961 and the President, Vice-President and other councillors shall be deemed to have been duly appointed for the said term ;
(b) the whole of the assets, rights and liabilities of the panchayat (including the rights and liabilities under any contract made by it) shall be deemed to have been transferred to and vest in and be the assets, rights and liabilities of the Municipality of Ambernath on the appointed day ;
(c) where immediately before the appointed day, the panchayat was a party to any legal proceedings the Municipality of Ambernath shall be deemed to have been substituted therefor ; and if any proceedings were pending before the panchayat or any authority or officer subordinate thereto, those proceedings shall be deemed to have been transferred to that municipality or to the corresponding authority or officer thereof, and the proceedings may continue accordingly ;
(d) all employees of the panchayat shall, as from the appointed day, be deemed to have been transferred to the Municipality of Ambernath on the same terms and conditions as were applicable to such employees immediately before that day, and such terms and conditions shall not be varied to their disadvantage without the previous sanction of the State Government ;
(e) all appointments, notifications, notices, taxes, orders, schemes, licences, permissions, rules, by-laws or forms made, issued, imposed or granted by, or in respect of, the panchayat and in force within its area immediately before the appointed day, shall be deemed to have been continued in force in the municipal district of Ambernath with effect from that day, until superseded or modified by a competent authority ;
(f) all budget estimates, assessments, assessment lists, valuations, measurements or divisions made or authenticated by, or in respect of, the panchayat and in force within its area immediately before the appointed day, shall be deemed to have been continued in force in the municipal district of Ambernath with effect from that day, until superseded or modified by a competent authority.