This Charter shall be in effect from and after the first day of January, 1973; provided, however, that all elected officers and members of the Council of this Municipality now holding office may serve out their present terms. They shall be governed in the performance of their duties by the terms of this Charter and they shall have the powers prescribed herein. The Village Clerk shall perform the duties of the Clerk and the Treasurer shall perform the duties of the Treasurer as provided for under this Charter until the expiration of their present terms.