The Municipality now existing in the County of Cuyahoga, State of Ohio, known as Mayfield Heights, shall continue to be a body politic and corporate under the name of the City of Mayfield Heights, with the same boundaries as now exist, but with the power and authority to change its boundaries in the manner authorized by the laws of Ohio, except that no territory shall be detached from or annexed to the City, nor shall the City be annexed to or merged with any other body politic, nor shall the corporate existence of the City 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 only at a regular election in such manner as the Council shall by resolution or ordinance prescribe.