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Bala's axe missing its 'Dispel Magic' function as stated in its in-game description.
I can't remember if this is a prevailing issue that originated since vanilla BG1.
In the in-game description of Bala's Axe, it's stated:
"Bala's Axe -Wizard Slayer: Bala was once a foul-tempered prince of a gully dwarf clan, which was enslaved by a cruel elven mage in Thesk. Though Bala managed to escape the more cowardly traits of his race he was even more filthy and obnoxious than the average gully dwarf. Sickened of his enslavement, Bala crept into the mage's lair and cracked the elf's skull open. Although rumor has it that it was the dwarf's stench that overcame the mage, it was, in fact, his enchanted axe that dispelled the elf's magical defense. It is obvious from poor craftmanship that Bala crafted the axe. The mystery lies in where its power originates. After a lenghty career of mage-slaying, Bala died, never having revealed his secret to those who were willing to risk a lice infestation by approaching him. Some say that the axe was powered by Bala's intense hatred of wizards. The axe gives the owner the ability to dispel magic once a day"
The last line "The axe gives the owner the ability to dispel magic once a day" is not reflected in the Axe's innate ability to cast Dispel Magic.
Can the developers please add this function to my favourite axe for the next version update? I will be immensely grateful!