The President shall carefully inspect all ordinances passed by the Board of Trustees and fix his official signature to such as he may approve and return them to the Village Clerk; such ordinances as he shall not approve shall be returned to the Board of Trustees, with his objections thereto in writing, at the next regular meeting of the Board of Trustees, occurring after the passage thereof. Such veto may extend to any one or more items or appropriations contained in any ordinance making appropriations, or to the entire ordinance and in case the veto only extends to a part of such ordinance, the residue thereof shall take effect and be in force; but in case the President shall fail to return any ordinance with his objections thereto by the time aforesaid, he shall be deemed to have approved such ordinance and the same shall take effect accordingly.