Section 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.