The inhabitants of the City of Wake Village, in Bowie County, Texas, residing within its territorial limits, as these limits are now established or are hereafter established in the manner provided by law, shall continue to be and are hereby constituted a body politic and corporate by the name of the City of Wake Village, and under that name shall have perpetual succession; may use a corporate seal; may sue and be sued; may acquire property within or without its boundaries for any municipal purpose, in fee simple or lesser interest or estate, by purchase, gift, devise, lease, or condemnation and may sell, lease, hold, manage, and control such property as its interest may require; may cooperate with the government of the United States or any agency of the government of the United States or the government of the State of Texas, or any political subdivision or agency of the State of Texas, to accomplish any lawful purpose for the advancement of the interest, welfare, health, morals, comfort, safety, and convenience of the city and its inhabitants; and may pass such ordinances as may be expedient for maintaining and promoting the peace and government and welfare of the city and for the performance of the functions thereof; and, except as prohibited by the Constitution and laws of the State of Texas or restricted by the Charter, the city shall have and may exercise all municipal powers, functions, rights, privileges, and immunities of every nature whatsoever.