The property belonging to the Village of Manchester under its previous chapter and owned by it at the time of the taking effect of this act shall vest in the Village of Manchester hereby constituted, and the Village shall be held for the liabilities of the former Village of Manchester, outstanding at the time; and the Village, hereby incorporated, shall succeed to all of the rights, powers, and privileges, and all taxes receivable and other assets of the former Village of Manchester. (Added 1943, No. 183, § 26.)