In order that a competent number of schools shall be maintained in the Town of Middlebury, for the convenient instruction of youth, School District No. 4 in Middlebury, in the County of Addison, an incorporated school district established by Act No. 89 of the laws of 1866, is empowered to merge with the Town School District of Middlebury, provided a majority of the legal voters of the Town School District of Middlebury present and voting at any meeting legally warned of the Town School District of Middlebury vote to become a part of School District No 4. in Middlebury, and a majority of the legal voters of School District No. 4 in Middlebury present and voting at any meeting legally warned of School District No. 4 in Middlebury vote to accept the merger. If the merger occurs, School District No. 4 in Middlebury shall retain all its present corporate powers and shall continue its corporate existence heretofore granted, and the Town School District of Middlebury shall no longer exist except for the settlement of its own pecuniary affairs and for the purpose only of voting, assessing, and collecting of a special tax annually to pay its indebtedness, if any, which settlement and payment shall be made before the expiration of two years from the date of the vote of School District No. 4 in Middlebury accepting the merger.