The Village may, at any legally warned meeting, authorize the water commissioners to lease, dispose of, or sell upon terms fixed by the meeting, to any person, partnership, or body corporate, or other company, any part or all of the rights and privileges granted by this chapter to the Village, and any property acquired thereunder, to have and to hold the same for the purpose of supplying the inhabitants of the Village with water for fire, domestic, and other purposes; and the person, partnership, body corporate, or company, and their assigns upon such lease, disposal, or sale, shall for the purpose only succeed to the rights, privileges, and property so leased, disposed of, or sold, subject to all the conditions herein named, but the Board of Water Commissioners herein provided for shall be continued for carrying out and completing any proceedings under this chapter hereafter needed. (Added 1890, No. 87, § 6.)