The inhabitants of Mason County, in the State of West Virginia, now and hereafter residing within the boundaries prescribed in Section Two of this Act be, and they are hereby, constituted a body politic and corporate, by and under the name of "The City of Point Pleasant", and as such, and by and in that name, shall have perpetual succession and a common seal, and may sue and be sued, contract and be contracted with, purchase, lease and otherwise acquire, and hold and use real and personal property necessary for corporate purposes; and generally shall have all of the rights, powers and franchises belonging or in any wise appertaining to municipal corporations in this State.