At the time of taking office the council shall elect one of its members president of the council who shall preside at all meetings of the council and perform all other duties of the mayor. In the absence of the mayor and in the absence of the president, the council shall elect one of its members to occupy his place temporarily, who shall be styled acting president of the council, and the president and acting president, when occupying the place of mayor, shall have the same privileges as other members of the council and all actions of the president and acting president, while so acting, shall be binding upon the council and upon the city as if performed by the mayor. (1962 Code)