The Municipality now existing in the County of Lake, State of Ohio, and known as the City of Eastlake, shall continue to be a body politic and corporate under the name of the City of Eastlake, with the same boundaries as now exist, but with power and authority to change its boundaries in the manner authorized by the laws of the State of Ohio, except that no territory shall be detached from or annexed to or merged with, any body politic, nor shall the corporate existence of the City of Eastlake be terminated, without the assent of a majority of the electors of the City voting on such proposal. Any such question shall be submitted to the electors at a regular municipal or general election in such manner as the Council shall by resolution or ordinance prescribe.