Effective as of July 1, 1996, the Village of Stowe as constituted by Act No. 168 of the Laws of 1896, as amended, shall merge with and into the Town of Stowe, within its present geographic limits, as a single municipal corporation under the name of the Town of Stowe, and the Village of Stowe shall, except as hereinafter specifically provided otherwise for transition purposes, cease to exist as a municipal corporation and its charter shall be abolished.