A. If a majority of the votes cast on the question of reorganizing a municipality incorporated by a special act favors reorganizing the municipality under general law, the governing body shall adopt an election resolution calling for an election of officers, which shall be held at the first regular local or general election following approval of reorganization. The election shall be called, conducted and canvassed in the manner provided in the Local Election Act [N.M. Stat. Ann. Chapter 1, Article 22].

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B. The terms of office for the mayor, municipal judge and one-half of the members of the governing body shall be until the next regular local election. The terms of office for the remaining one-half of the governing body shall be until the second regular local election is held. The elected municipal officers shall continue in office until their successors are elected and qualified. The length of terms of the first members shall be determined by lot.