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Not later than the last day of March in 1977, and every five years thereafter, the Council shall appoint, by a majority vote of its members, a Charter Review Commission consisting of not less than five electors of the City. Such Commission shall review the Charter of the City and, within the time designated by the Council at the time the members are appointed, or within any extension thereof granted by the Council, recommend to Council such alterations, revisions and amendments if any, to this Charter, as in its judgment are desirable. After consideration of the recommendations of the Charter Review Commission, the Council may submit any or all of such proposed alterations, revisions, or amendments to this Charter to the electors of the City in the manner provided by Article XVIII, Section 9, of the Constitution of Ohio. The terms of the members of the Commission shall terminate at the end of the period designated at the time of their appointment, or any extension thereof, by the Council.