The municipal corporation existing as the Village of Plain City under the general statutes of the State of Ohio shall continue to be a body politic and corporate under the same name under this Charter. When the Village of Plain City becomes a city in the manner provided by the Constitution and the laws of the State of Ohio, it shall be known as the "City of Plain City." As used in this Charter, "Municipality" shall mean either the Village or City of Plain City, as appropriate.
   The Municipality shall have the same boundaries that exist on the effective date of this Charter, with the power and authority to change its boundaries and annex territory in the manner authorized by the laws of Ohio. Territory annexed to the Municipality shall immediately be subject to the provisions of this Charter.