§ 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.