The inhabitants of so much of the Counties of Wetzel and Tyler as are within the bounds prescribed by Section Two of this Charter and their successors, shall be and remain, and they are hereby made a body politic, incorporated by the name of the Town of Paden City and as such shall have perpetual succession and a common seal, and by that name may sue and be sued, plead and be impleaded, purchase, lease and hold real estate and personal property necessary for the use and purpose of said incorporation.