(a) Any municipality with the Town of Bennington which votes to surrender its existing charter and dissolve under this charter, shall cease to exist as a corporate body and political entity on the January 1st next succeeding, unless such vote becomes final or after October 1st in any year, in which event the municipality shall cease to exist as a corporate body and political entity on the March 1st next succeeding.

(b) All assets of any municipality which surrender its existing charter or dissolves under this charter shall become the property of the Town of Bennington on the day such municipality ceases to exist under subsection (a) of this section.

(c) All liabilities of any municipality which surrenders its existing charter or dissolves under this charter that are outstanding obligations of such municipality on the day it ceases to exist under subsection (a) of this section, including the bonded indebtedness of such municipality shall become liabilities of the Town of Bennington on the day such municipality ceases to exist under subsection (a) of this section.