After the effective date of this Charter, the Town shall be vested with all property, monies, contracts, rights, credits, effects and the records, files, books, and papers heretofore or hereafter belonging to it under and by virtue of operation of any applicable law.
No right or liability, either in favor of or against the Town, existing at the time this Charter becomes effective and no suit or prosecution of any character shall in any manner be affected by any change, resulting from the adoption of this Charter, but the same shall stand or proceed as if no change had been made. All debts and liabilities of the Town shall continue to be the debts and liabilities of the Town and all fines and penalties imposed at the time of such change shall be collected.