For the purpose of nominating and electing officers of the Municipality, including the abolition of primary elections, the establishing of wards, and fixing the compensation of those elected in 1959, this Charter shall be in effect from and after the time of its approval by the electors of the Municipality; and for all other purposes it shall be in effect on and after the 1st day of January, 1960, and continue in effect regardless of any change of the classification by law of this Municipality.