The Board shall succeed to and continue all park and recreational functional activities lawfully exercised by the Town Council prior to the enactment of this Ordinance, and any rights or obligations that have vested on behalf of or against park and recreation authorities, if any, the existence of which are terminated by the repeal of any prior ordinance, if any, shall remain in full force and effect as rights or as obligations of the Board as its successor. All physical effects and property which shall or ought to belong to a park and recreation authority shall be transferred to the Board. (Ord. No. 819, § 8, 5-9-72)