SOURIS, J.
Section 14 of PA 1909, No 279, as amended (CLS 1956, § 117.14 [Stat Ann 1957 Cum Supp § 5.2093]), a part of the so-called home-rule act, provides in part:
"Whenever a new city shall be incorporated, the personal property of the township from which it is taken shall be divided and its liabilities assumed between such city and the portion of the township remaining after such incorporation, which incorporation shall be effective as of the...
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