All legislative powers of the municipality, except the powers of initiative and referendum reserved to the electors in this Charter, shall be vested in a Council of seven members, five of whom shall be elected, one from each of the five districts hereinafter provided, and the other two of whom shall be elected from the Village at large. The members of Council shall begin their terms on the 1st day of December next after their election and shall serve for a period of two years and until their successors are chosen and qualified.