The Town of Mooreland, Oklahoma, within the corporate limits as now established or as hereinafter may be established, shall continue to be a Municipal body politic and corporate, in perpetuity, under the name of the "Town of Mooreland, 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 Mooreland, Oklahoma, and shall be liable for all debts and other obligations for which the corporation is now legally bound. (2011 Code § 1-1)