The Charter shall be submitted to the electors of the Municipality at the general election to be held November 5, 1968, and if approved by the electors shall for the purpose of nominating and electing officers of the Municipality and conducting municipal elections, take effect from the time of its approval by the electors of the Municipality; and for all other purposes it shall take effect on the first (1st) day of January in the year nineteen hundred seventy (January 1, 1970).