Not later than the last day of March in the fifth (5th) calendar year following the adoption of this Charter and every fifth (5th) year thereafter, the Council shall appoint a Charter Review Commission consisting of not less than five (5) electors of the Municipality. Such Commission shall review the Charter of the Municipality and, within the time designated by the Council at the time the members are appointed, or within any extension thereof granted by the Council, recommend to Council such alterations, revisions and amendments, if any, to this Charter, as in its judgment are desirable. After consideration of the recommendations of the Charter Review Commission, the Council may submit any or all of such proposed alterations, revisions or amendments to this Charter to the electors of the Municipality in the manner provided by Article XVIII, of the Constitution of Ohio. The terms of the members of the Commission shall terminate at the end of the period designated at the time of their appointment, or any extension thereof, by the Council.