Section 7. Upon the redivision of a city into wards the treasurer of each ward committee of a ward affected by such redivision shall, before the termination of office of the members thereof, pay over to the treasurer of the city committee representing the same political party such funds of the ward committee as he has in his possession after paying all bills. In the statements required under section seventeen of chapter fifty-five, the treasurer of the ward committee making such payment shall report it as a disbursement and the treasurer of the city committee receiving it shall report it as a receipt.
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