The municipal corporation existing as the Village of Union 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. The municipality shall have the same boundaries that exist on the effective date of this Charter, with power and authority to change its boundaries and annex territory in the manner authorized by the laws of Ohio. When the municipality shall attain the status of a City, under the Constitution and laws of Ohio it shall be known as the "City of Union". As used in this Charter, "Municipality" shall mean the municipal corporation of Union.