At the time of taking office, the city council shall elect one of the members of the council who shall be styled president of the council and who shall preside at all meetings of the council in the absence of the mayor and, in the absence of the president of the council, shall elect one of their own body to occupy his place temporarily, who shall be styled acting president of the council, and the president and acting president, when occupying the place of mayor, shall have the same privileges as other members of the council, and all acts of the president and acting president, while so acting, shall be binding upon the council and upon the city as if done by the mayor. (2006 Code)