The electorate of the City, notwithstanding the adoption of this Charter, reserve unto themselves the following processes:
(a) The right of referendum as to any legislative act taken by the City Council; and
(b) The right of initiative, as to any legislative act the City Council could legally effectuate; and
(c) The right of recall as to any Elective Officer of the City.
Such reserved rights shall be exercisable only in accordance with and subject to the limitations of the provisions of the Constitution and laws for general law cities.