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If prior to the date when an ordinance takes effect a petition signed by qualified electors of the city equal in number to fifteen (15) per cent of the total vote voting in the municipality at the last preceding presidential year general election is filed with the city clerk requesting that any such ordinance be repealed or be submitted to a vote of the electors, the ordinance shall thereby be prevented from going into operation. The council shall thereupon reconsider the ordinance at its next regular meeting, and either repeal it, or by yes and no vote re-affirm its adherence to the ordinance as passed. In the latter case the council shall immediately order a special election to be held thereon, or submit the ordinance at the next regular municipal election, pending which the ordinance shall remain suspended. If a majority of the electors voting thereon is opposed to the ordinance, it shall not become effective; but if a majority of the electors voting thereon favors the ordinance, it shall go into effect immediately on canvass of the ballots and announcement and publications of the result thereof or on the date provided in said ordinance whichever may be later upon compliance with all of the provisions of chapter 3 hereof with reference to ordinances.