Such portions of the Town of Barton as lie within the present limits of School District Number One and the inhabitants thereof are hereby incorporated and constituted a school district of the Town of Barton, by the name of the Barton Academy and Graded School District; and the schoolhouse and all other property of School District Number One, of whatever character, shall become the general property of the Barton Academy and Graded School District; and all debts and liabilities of the District shall be assumed and paid by the Barton Academy and Graded School District, and the Barton Academy and Graded School District shall have all the powers and privileges, and shall be subject to all the duties and liabilities that are incident to school districts established under the Revised Laws of Vermont and the laws in addition thereto, or in amendment thereof.