The council of any town may, at its discretion, at any time, create by ordinance the office of town manager and may, in like manner, abolish the same. While said office exists, the council shall, from time to time and whenever there is a vacancy, elect, by a vote of a majority of all the members, one person to fill said office, who shall serve until the first Monday of January of the even-numbered year succeeding his election and until his successor qualifies. The town manager shall serve at the pleasure of council, subject to contractual rights that may arise under an employment agreement that may be entered into in accordance with section 2.¹