At its first regular Council meeting in January following each municipal election, Council shall organize and, by vote of at least four (4) members thereof, shall elect one (1) of its members as President and another as Vice President to serve for a period of two (2) years thereafter. If a vacancy occurs or if Council determines by at least four (4) members that the President or Vice President is unable to fulfill the duties of his respective office, Council shall immediately proceed to elect one (1) of its members to serve in such office.