(a) No ordinance passed by said trustees shall be enforceable until notice thereof has been posted in four public places, within the bounds of said Village, for a period of two weeks and published twice within said period of two weeks in a newspaper printed in said Village, or, if no such newspaper be printed, in a newspaper of general circulation within said Village.

(b) If during the two weeks' period a petition signed by 10 or more qualified voters of the Village be presented to the trustees objecting to an ordinance so passed and published by the trustees, the question of the approval of said ordinance shall be submitted to any annual or special meeting of the Village; and when approved by a majority vote of said meeting, and not otherwise, the ordinance so approved shall become an ordinance of said Village.

(c) If at any time subsequent to such period of two weeks for publication, a petition signed by ten or more qualified voters of the Village be presented to the trustees requesting the repeal of any ordinance, the question of the repeal or approval of said ordinance shall be submitted to a meeting of the Village duly warned for that purpose; if at such meeting said ordinance be approved by a majority vote of said meeting, the ordinance so approved shall remain an ordinance of said Village; if said ordinance so voted upon shall fail of such approval, said ordinance shall be deemed to be repealed and shall thereupon be and become null and void and of no subsequent legal effect whatsoever, but fines and penalties imposed, judgments and decrees entered, prosecutions and legal proceedings instituted prior to the repeal of such ordinance shall not be vacated, set aside, or otherwise affected by such repeal.