On or before the fifth (5th) day of January next following each regular Municipal election, the members of Council shall meet at the Council Chambers for the purpose of organization. At such meeting, the Council shall elect one of the members thereof as President of the Council to serve until his successor shall have been elected. In the event the President of the Council ceases to be a member thereof, the Council shall elect another member to serve as President until his successor shall have been
elected.