The inhabitants of the Town of Westerly, hereinafter referred to as the "Town" within the corporate limits as now established or as hereafter established in the manner provided by law shall continue to be a municipal body, politic and corporate in perpetuity under the name of "Town of Westerly" and as such shall continue to have all rights, powers, privileges and franchises, and shall be subject to all the duties and obligations now incumbent on or appertaining to said Town as a municipal corporation, as by virtue of the laws of this state so far as the same shall not be altered by this Charter or any amendment hereof.