The ordinance provided in section 40:60-50 of this title shall become operative ten days after the publication thereof after its final passage, unless within said ten days a protest or protests against making such conveyance or dedication shall be filed in the office of the municipal clerk signed by taxpayers representing ten per cent in amount of the assessed valuation of such municipality whose names appear on the last preceding assessment roll thereof, in which case such ordinance shall remain inoperative until a proposition for the ratification thereof shall be adopted at an election to be held for that purpose by a majority of the qualified voters of the municipality voting on such proposition. The certificate of the municipal clerk filed in his office as to the filing or sufficiency of any protest or protests shall be conclusive for the purposes of this section. At least ten days before the election, notice thereof shall be published once in a newspaper published in such municipality, or if no newspaper is published therein, then in a newspaper published in the county and circulating in the municipality.

Any proposition submitted to the voters of any municipality under the provisions of this section and said section 40:60-50 shall be voted upon at the next general election held in the municipality at least thirty days after the filing of the protest or protests herein provided for, unless the governing body thereof shall call a special election therefor. Any such special election shall be conducted and canvassed by the same officers and in the same manner as near as may be prescribed by the laws regulating general elections. The proposition shall be stated on the ballots in substantially the following form: “Shall an ordinance of the (name of governing body) of the of (name of municipality) entitled (title of ordinance and date of passage), be ratified?” “Yes.” “No.”

The governing body of such municipality shall adopt a resolution declaring the result of the election, which resolution shall be published once in the manner provided above for the notice of election. No action, suit or proceeding to contest the validity of such election shall be instituted after the expiration of twenty days from the date of publication of the resolution declaring the result thereof.