The Village of Westminster as established by the action of the Selectboard under the provisions of the Public Statutes, by their order filed with the Town Clerk of the Town of Westminster, April 8, 1907, is hereby abolished except for the purpose of winding up its affairs, the collection of back taxes, and the payment of its debts. This section shall take effect, with the above exceptions, when the Village of Westminster is incorporated by this act and shall have organized. (Added 1912, No. 334, § 16.)