Section 47. Application of Part.

(1) The provisions of this Part shall apply in relation to the apportionment of the assets and liabilities of the existing State of Andhra Pradesh immediately before the appointed day. (2) The successor States shall be entitled to receive benefits arising out of the decisions taken by the existing State of Andhra Pradesh and the successor States shall be liable to bear the financial liabilities arising out of the decisions taken by the existing State of Andhra Pradesh. (3) The apportionment of assets and liabilities shall be subject to such financial adjustment as may be necessary to secure just, reasonable and equitable apportionment of the assets and liabilities amongst the successor States. (4) Any dispute regarding the amount of financial assets and liabilities shall be settled through mutual agreement, failing which by order by the Central Government on the advice of the Comptroller and Auditor-General of India.