1.2.   Rights and Obligations
   All property interest, both real and personal, all actions, rights and causes of action and rights of every description and all securities and liens vested or inchoate which the town possesses as of the effective date of this charter shall be continued in said town. The town shall continue to be liable for all debts and obligations of every kind for which the town shall be liable on said date. Nothing herein shall be construed to affect the right of the town to collect any assessments, charge, debt or lien. If any contract has been entered into by said town prior to the effective date of this charter or any bond or undertaking has been given by or in favor of said town which contains a provision that the same may be enforced by any commission, board, department or officer therein named, which is abolished by the provisions of this charter, such contracts, bonds or undertakings shall be in no manner impaired but shall continue in full force and effect and the powers conferred and the duties imposed with reference to the same upon any such commission, board, department or officer shall, except as otherwise provided in this charter, thereafter be exercised and discharged by the board of selectmen of said town.