§ 40-01-04 — Vested rights

All rights and property of every kind and description vested in any municipal corporation
previous to any change in its form of organization shall be vested in the same municipal
corporation upon its being incorporated under a different type of organization as provided by this
title. No rights or liabilities in favor of or against such corporation existing at the time of a change
in the form of its organization, and no action or prosecution of any kind shall be affected by such
change, but the same shall stand and progress as if no change had been made. When by
reason of a change in the form of organization, there is made available a different remedy which
is applicable to any right existing before such change became effective, such remedy shall be
additional to the remedies theretofore provided.