All those persons residing in that part of the Town of Newbury lying within the corporate limits of School District #3 and School District #4 in the Town of Newbury as said districts existed and were bounded on March 31, 1893, shall continue to be a municipal corporation by the name of Newbury Village and by that name have perpetual succession and be capable of suing and being sued and have a common seal and alter the same at pleasure.

The corporation shall be capable of purchasing, holding, and conveying real and personal estate for the use of the corporation. The corporation shall have the power to own and operate any public utility, to construct and install all facilities that are reasonably needed, and to lease or purchase any existing utility properties used or useful for public service. The Village may also furnish service to adjacent and nearby territories that may be conveniently and economically served by a municipally owned and operated utility.