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That the inhabitants of so much of the County of Mineral as are within the boundaries prescribed by Section Two of this Act, and their successors, shall be and remain, and they are hereby made a body politic and corporate, by the name and style of “the City of Keyser,” and as such, and by that name may contract and be contracted with, sue and be sued, plead and be impleaded, answer and be answered unto, and may purchase, take, receive, hold and use goods and chattels, lands and tenants, and choses in action, or any interest, right or estate therein, either for the proper use of said City, or in trust for the benefit of any person or corporation therein; and the same may grant, sell, convey, transfer, let, lease and assign, pledge, mortgage, charge and encumber in any case, and in any manner, in which it would be lawful for a private individual so to do, subject to the limitations and provisions of the constitution of the state; and may have and use a common seal and alter and renew the same at pleasure; and generally shall have all the rights; franchises, capacities and powers appertaining to like corporations in this state, and shall have and succeed to all powers, franchises and immunities, rights and privileges which were conferred upon or belonged or appertained to the Town of Keyser by virtue of any act or acts of the legislature of this state heretofore passed; and shall have all the rights, privileges, capacities and powers provided by Chapter Forty-seven of the Code of West Virginia, as contained in the edition of the year One Thousand Nine Hundred and Six, and amendments thereto, and for which provision is not herein otherwise expressly made. All general and special laws of the State of West Virginia, governing cities, towns and villages, and now applicable and not inconsistent with the provisions of this act, shall apply to and govern the City of Keyser. All by-laws, ordinances and resolutions lawfully passed and in force in the Town of Keyser, as heretofore constituted, and not inconsistent herewith, shall remain in force until altered or repealed by the council elected under the provisions of this Act, and shall extend to and over the whole of the City of Keyser as embraced in Section Two of this Act, and all valid ordinances enacted and now in force in the Town of South Keyser, as heretofore constituted, shall remain in full force and effect therein, until the Mayor and Council shall have been elected and qualified under the first election provided by this Act, at which time all of said ordinances shall ipso facto be repealed. All rights and property heretofore vested in said Towns of Keyser and South Keyser are continued and preserved, and no right or liability, either in favor of or against either of them, existing at the time, and no suit or prosecution of any kind, shall be affected by such change, unless otherwise provided for in this Act, and the said City of Keyser shall succeed to all the rights and liabilities of the Towns of Keyser and South Keyser, and it shall be liable for all the debts and obligations of said towns in the same manner and to the same effect as if such indebtedness had been created by the said City of Keyser.