The inhabitants of the territory hereinabove described [in Session Laws of 1967, c. 967, § 2] shall be a body politic and corporate under the name and style of a city named as hereinabove provided [in Session Laws of 1967, c. 967, § 1], and shall have perpetual succession; may have a common seal and alter and renew the same at pleasure; may sue and be sued; may contract; may acquire and hold all such property, real and personal, as may be devised, bequeathed, sold or in any manner conveyed or dedicated to it or otherwise acquired by it, and may from time to time hold or invest, sell, or dispose of the same; and shall have and may exercise in conformity with this Charter all municipal powers, functions, rights, privileges and immunities of every name and nature.