The Town of Granite, Oklahoma, within the corporate limits as now established or as hereafter may be established, shall continue to be a municipal body politic and corporate in perpetuity under the name of the “Town of Granite, Oklahoma.” It shall succeed to and possess all the property, rights, privileges,
franchises, powers and immunities now belonging to the corporation known as the Town of Granite, Oklahoma, and shall be liable for all debts and other obligations for which the corporation is now legally bound.
(`85 Code, § 1-1)