The inhabitants of the Town of Chestertown, in Kent County, State of Maryland, within the corporate limits legally established from time to time are hereby constituted a body corporate by the name of "The Town of Chestertown", with all the privileges of the body corporate, by that name to sue and be sued, to plead and be impleaded in any court of law or equity, to have and use a common seal and to have perpetual succession, unless the charter and the corporate existence are legally abrogated.