On January 2, 1972 and each three (3) years thereafter, the Mayor shall appoint a commission of five (5) qualified electors of the Municipality holding no other office or appointment in this Municipality as members of the Charter Review Commission. Such appointments shall be subject to confirmation by a majority of Council. Such Commission shall review the Municipal Charter, and within the seventh (7th) calendar month of each year of appointment, recommend to the Mayor and Council such alterations, revisions and amendments, if any, to this Charter, as in its judgment are desirable.
   The members appointed to said Commission shall serve without compensation. Meetings of the Charter Review Commission shall be open to the public.