§ 26. Reconsideration of local law before submission to referendum. At any time prior to the election at which a local law adopted by a legislative body is to be submitted to the electors for approval because it is subject to mandatory or permissive referendum, the legislative body, not later than fifteen days prior to the election, may reconsider its action thereon and repeal such local law, whereupon the proposition for its approval shall not be submitted at such election or, if submitted, the vote of the electors thereon shall be without effect.