Upon receiving a favorable vote thereon, it shall be filed in the office of the Village Clerk; if the President approves such ordinance, he shall sign it; those which he disapproves in whole or in part shall be returned to the Board with his written objections thereto, at the next regular meeting of the Board of Trustees occurring not less than five days after the passage thereof; failure to return any ordinance or any specified resolution or motion with his written objection within the designated time shall cause the ordinance or specified resolution or motion to become effective despite the absence of his signature thereon. The President may disapprove of any one or more sums appropriated in any ordinance, resolution or motion making an appropriation, and if so, the remainder shall be effective. This shall not prevent the President from disapproving entirely an ordinance, resolution or motion making an appropriation.
('73 Code, § 2.07(d))