Such portions of the Town of Bradford as lie within the present limits of School District Number 2 and within the present limits of School District Number 12, and the inhabitants thereof, are hereby incorporated and constituted a school district of the Town of Bradford, by the name of the Bradford Academy and Graded School District; all the property owned by the Districts Numbers 2 and 12 shall be the property of the Bradford Academy and Graded School District; and all debts and liabilities of the District Numbers 2 and 12 shall be assumed and paid by the Bradford Academy and Graded School District; and the Bradford 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 graded school districts under the general laws of this State.