(a) Upon the merger specified in section one of this charter, all the lands, buildings, easements, funds, uncollected taxes, monies, street lights, and other property of the Village of Proctorsville, of any description, except as hereinafter provided, shall become vested in and become the property of the Town of Cavendish, and all indebtedness, bonded and otherwise, of the Village of Proctorsville shall be assumed by the Town of Cavendish, without any further act, deed, or instrument being necessary.

(b) Upon the merger specified in section one of this charter, the lands described as Greven Field, five acres, more or less, and the Main Street Fire Hall, so-called in the Village of Proctorsville and no other land, shall be retained and vested in the independent Proctorsville Fire District, to be established simultaneously with this merger by petition pursuant to the dictates of 20 V.S.A. chapter 171.