After the effective date of this charter, the city shall be vested with all the property, moneys, contracts, rights, credits, effects and the records, files, books and papers belonging to the Village of Douglas. No right or liability, either in favor or against the Village of Douglas, existing at the time of this charter becomes effective and no suit or prosecution of any character shall in any manner be affected by any change, resulting from the adoption of this charter, but the same shall stand or proceed as if no change had been made. All debts and liabilities of the Village of Douglas shall be the debts and liabilities of The City of the Village of Douglas and all fines and penalties imposed at the time of such change shall be collected.