The inhabitants of Pocomoke City within the corporate limits legally established from time to time, are hereby constituted and continued a body corporate by the name of "Pocomoke City," with all the privileges of a body corporate, by that name to sue and be sued, to plead and be impleaded in any court of law or equity, to have and use a common seal and to have perpetual succession, unless the Charter and the corporate existence are legally abrogated.