Section 46. A municipal charter is the grant made by the legislature to the people inhabiting a certain territory constituting them a corporation, and securing to them the enjoyment of certain corporate rights.

The name, powers, boundaries and all that appertains to a municipal corporation are expressed in the charter granted by the legislature. The law is well settled that a municipal charter is not a contract between the municipal corporation and the State and such charter is subject to repeal or amendment, at the pleasure of the legislative power granting it, but where the rights of creditors are affected, the power of the legislature is restricted.9