SECTION 5.01  DIVISION OF MUNICIPALITY INTO WARDS.
   Upon the adoption of this Charter by the electors of the Municipality, and at least 60 days prior to the late date fixed by this Charter for filing nominating petitions for terms of office beginning on January 2, 1960, Council shall enact an ordinance dividing the Municipality into 4 wards.
   Council shall thereafter have the power to change the ward boundaries by ordinance, but shall not have the power to change the number of wards.
   Wards shall be as nearly equal in population as is practicable, each ward to be composed of contiguous and compact territory bounded by natural boundaries or street lines.