(a) All resolutions and motions 1) which create any liability against the Village, or 2) which provide for the expenditure or appropriation of its money, or 3) to sell any Village property, and all ordinances passed by the affirmative vote of not less than four (4) Trustees or three (3) Trustees and the President and shall be deposited with the Clerk.
(b) If the President approves of them, he shall sign them. Those of which he disapproves, he shall return to the Board, with his written objections, at the next regular meeting of the Board occurring not less than five (5) days after their passage.
(c) The President may disapprove of any one or more sums appropriated in any ordinance, resolution or motion making any appropriation, and if so, the remainder shall be effective. However, the President may disapprove entirely of an ordinance, resolution or motion making an appropriation.
(d) If the President fails to return any ordinance or any specified resolution with his written objections within the designated time, it shall become effective despite the absence of his signature. (M.C. 1963, § 2.107)