On the first Monday in November 1947 the property and assets of the former Center School District and the former Union School District, except permanent funds of said former districts, passed to and vested in the Town of Farmington and said Town assumed the payment of all indebtedness of said districts. On said date the Town Board of Education acquired all the powers and assumed all the duties of the district committees of said former districts and all the powers and duties of Boards of Education under the law with regard to the schools in said former districts.