A. By majority vote of the qualified electors of the town voting on the initiative, the qualified electors may by initiative:

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1. Enact term limits on the number of terms a member of the common council or mayor may serve.

2. Enforce term limits on the number of terms a member of the common council or mayor may serve.

3. Repeal term limits on the number of terms a member of the common council or mayor may serve.

B. Any enactment, enforcement or repeal of a term limit pursuant to this section applies to any common council member or any mayor elected after the date that the majority of the qualified electors vote to enact, enforce or repeal the term limit pursuant to subsection A of this section.