The inhabitants of any municipality adopting a city charter under this charter shall continue to be a body politic and corporate under its pre-existing name and as such to enjoy all the rights, immunities, powers and privileges and be subject to all duties and liabilities now incumbent upon them as a municipal corporation. All existing property of the municipality shall remain vested in it and all its existing debts and obligations shall remain obligatory upon it after the adoption of a charter under this chapter.
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