On the date a merger takes effect:

1. (1) the former township governments are abolished as separate entities;
2. (2) each township subject to the merger retains its geographical boundaries and its name;
3. (3) the territory of the new township government includes all the territory that comprised the territories of the former township governments before the merger;
4. (4) the agencies of the former township governments are abolished;
5. (5) the functions of the abolished agencies are assigned to agencies of the new township government;

6. (6) the:

   1. (A) property;
   2. (B) records;
   3. (C) personnel;
   4. (D) rights; and

   5. (E) liabilities;

      related to the functions of the abolished agencies are assigned to agencies of the new township government; and

7. (7) any bonds and other indebtedness of, or assumed by, the former township governments are transferred to the new township government.

As added by P.L.240-2005, SEC.3.