This section and section 2 of this act [this article] shall take effect upon the passage of this act [Act approved April 13, 1962] and section 1 shall take effect when and if the majority of the qualified electors of the Town of Middletown voting upon the proposition contained in section 2 hereof shall have voted their approval thereof, and thereupon all acts and parts of acts inconsistent herewith shall stand repealed. (P.L. 1962, ch. 74, § 3.)