The municipal corporation now existing in the County of Wood, State of Ohio, and known as the Village of Northwood, Ohio, hereinafter in this Charter called the "Municipality", shall continue to be a body politic and corporate under the name of Northwood, with the same boundaries as now exist, but with power and authority to change the boundaries and annex other territory contiguous thereto in the manner authorized by the laws of the State of Ohio. No territory shall be detached therefrom, nor shall the Municipality be annexed to any other municipality or body politic, nor shall the corporate existence of the Municipality be terminated, without the consent of its Council and of a majority of the electors of the Municipality voting on such proposal at an election held and conducted in the manner provided by law.