The municipality shall continue to own, possess and control all rights and property of every kind and nature owned, possessed or controlled by it when this Charter takes effect and shall be subject to all its debts, obligations, liabilities and duties.
The Mayor, members of Council, City Treasurer and the City Controller in office at the time this Charter becomes effective shall remain in office for the full terms for which they were originally elected and shall perform the duties and exercise the powers set forth in this Charter, unless they resign or leave office.