The existing Charter of the Town of Palm Shores, Brevard County, State of Florida, is hereby abolished. The title, rights, and ownerships of property, uncollected taxes, dues, claims, judgments, decrees, and choses in action, held or owned by the Town of Palm Shores shall pass to and be vested in the municipal corporation organized under this act to succeed the municipality abolished. No obligation or contracts of the said municipality, shall be impaired or voided by this act, but such debts and obligations shall pass to, and be binding upon, the new municipality which is hereby organized and created. All officers heretofore elected or appointed, and holding office under the said municipality shall continue to hold their elected and confirmed positions under the provisions of this act and all existing ordinances of the said municipality, not in conflict with the provisions of this act, shall continue in effect and unimpaired until repealed, amended, or modified by the municipality which is hereby organized and created.