Bennington Graded School District, Inc., incorporated by No. 121 of the Acts of 1870, and Greater Bennington Schools, Inc., incorporated by Nos. 240 and 241 of the Acts of 1935, are hereby authorized and enabled to surrender their respective charters, dissolve, and thereby merge into and form a municipal corporation to be called Bennington School District Incorporated, upon the terms and conditions hereinafter set forth.