SECTION 2.02 WARDS.
   The four (4) wards, and the territory in each such ward, as they are constituted on the effective date of this Charter, shall be the wards for the purpose of electing ward Council members under the Charter: however, ward boundaries may be reestablished as hereinafter provided by this section.
   After each recurring Federal census and within three (3) months after the issuance of the proclamation by the Secretary of State of the population of the municipality, the Council shall by ordinance re-divide the municipality into wards not exceeding four (4), in order to provide substantially equal population enact of the wards. The wards shall be composed of compact and contiguous territory, bounded by natural boundaries or street lines.
   The Council may, by ordinance, in any even numbered year, re-divide the municipality into wards, not exceeding four (4), in order to provide substantially equal population in each of the wards. Such division shall not affect the status of any Councilman currently in office.