UTTAR PRADESH MUNICIPALITIES ACT, 1916
Section 123. Application of funds and property accruing to Government under section 121 or 122
123. Any municipal fund or portion of a municipal fund or other property of a Municipality accruing under the provisions of section 121 or 122 to 1[by the State Government], shall be applied in the first place to satisfy any liabilities of the Municipality transferred under such provisions to 2[the State Government], and secondly for the benefit of the inhabitants of the local area.
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