Sec. 8. On the date a merger takes effect:
(1) the former township governments are abolished as separate entities;
(2) each township subject to the merger retains its geographical boundaries and its name;
(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) the agencies of the former township governments are abolished;
(5) the functions of the abolished agencies are assigned to agencies of the new township government;
(6) the:
(A) property;
(B) records;
(C) personnel;
(D) rights; and
(E) liabilities;
related to the functions of the abolished agencies are assigned to agencies of the new township government; and
(7) any bonds and other indebtedness of, or assumed by, the former township governments are transferred to the new township government.