The form, content, verification of and other requirements for initiative and referendum petitions, except as otherwise prescribed in this Charter, shall be those prescribed by the general laws of Ohio in existence as of the time of the filing of the petition. In addition to the requirements of the statute each petition shall by its terms appoint a committee of three to represent the proponents of the petition in any further proceedings before Council. Such a committee shall have the power to fill vacancies in its rank by action of the surviving members. The petition shall be filed with the Clerk, who shall forthwith notify the Mayor of such filing. The Mayor shall thereupon and within five days of the time of filing appoint a committee of two, at least one of whom shall be a member of the committee to support the petition and this committee, together with the Clerk of the Village, and with the help of the Board of Elections of Hamilton County, if the committee so desires, determine within ten days of its appointment whether the petition is valid and sufficient according to law. If the committee determines the petition to be valid and sufficient, the Clerk shall present the petition, with a certificate as to the committee's determination to Council at its next regular meeting. If the petition is determined to be invalid or insufficient, no further action shall be had.