All property of whatever character, belonging to the Barton Academy, an institution incorporated by the Legislature by act approved November 14, 1854, shall become the property of the Barton Academy and Graded School District whenever the Barton Academy shall vote, at a meeting legally called for that purpose, to accept the provisions of this act and all debts and liabilities of the Barton Academy shall be assumed and paid by the corporation hereby created. The Selectboard of the Town of Barton shall annually pay over the rents and profits arising from the grammar school lands in the town to the Trustees of the Barton Academy and Graded School District together with all sums arising from that source now in their hands and unappropriated.