§ 16-1606 Effect of reincorporation. If the proposition be adopted,
the reincorporation of the village under this chapter shall take effect
immediately upon the filing of the certificate of election in the office
of the village clerk and the secretary of state. From and after such
filing such village shall be deemed incorporated under this chapter, and
shall possess all the powers, enjoy all the privileges and be subject to
all the liabilities, in all respects and for all purposes, as if it had
been originally incorporated thereunder. Such reincorporation shall not
affect any action then pending or cause of action existing by or against
such village, nor property rights thereof under the provisions of any
law to which it was then subject, nor affect the validity of any lawful
ordinance previously enacted. The officers of the village in office
when the reincorporation takes effect shall continue to hold their
offices until the end of their term or until their successors shall have
qualified. The term of office of an officer elected at an annual
election, at which the proposition to reincorporate was adopted, shall
not be affected by such reincorporation and such term shall begin at
noon on the first Monday in the month following such election and
continue for a full term expiring on the first Monday in the month
following the election at which their successors shall have been
elected.