The mayor and councilmen shall constitute the governing body of such city or town and shall be known as the city council or the town council as the case may be. Except as limited in this chapter, the city council shall have, exercise and perform all executive, legislative and judicial powers, duties and obligations vested by law in the mayor and governing body acting for the city at the time of the adoption by such city of the council-manager form of government.
The corporate name of every such city or town shall be “The City of (name of city),” or “The Town of (name of town),” under which name the council shall exercise and perform all the corporate powers, duties and obligations conferred or imposed on it or the members thereof.