(a)   The registered electors may require an adopted ordinance to be referred to them at an election, pursuant to the referendum power reserved by Article V, Section 1(9) of the State Constitution, to the extent the ordinance constitutes a legislative matter which is subject to said referendum power. Such an ordinance shall be referred pursuant to the State statutes which establish procedures for a municipal referendum, except as otherwise provided in this Charter or ordinances not inconsistent with this Charter. The referendum power shall not apply to an emergency ordinance or to an Ordinance calling a special election.
   (b)   A referendum petition shall be signed by registered electors of the Town equal in number to at least ten (10) percent of the total number of electors of the Town registered to vote as of the date of the last regular election except as to referendum petitions pertaining to the award of a franchise, which shall be signed by five (5) percent of the registered electors of the Town as of the date of the last regular election.
   (c)   The Town Clerk shall not count as valid any signature on a referendum petition if the date of the signature is prior to the date the form of the petition was approved by the Town Clerk.