The City of Mannington, as successor in interest of the present municipal corporation of the same name, shall succeed to own, possess and enjoy all the property and all the rights, titles and interests of every kind and nature vested in or belonging to such municipal corporation at the time this Charter becomes effective, shall be subject to all existing liabilities, shall be bound by and through the appropriate agency, shall pay all existing debts, and shall faithfully perform all present duties and discharge all present obligations of such corporation.