No ordinance or proceeding in respect to the issuance of the bonds hereunder shall be necessary, except such as is required by this subchapter. No publication of any ordinance or proceeding relating to the issuance of the bonds shall be required, except such as required by this subchapter. Any publication prescribed hereby may be made in any newspaper conforming to the terms of this subchapter, without regard to the designation thereof as the official organ of the municipality. Bonds issued hereunder shall have all the qualities of negotiable paper under the law merchant, shall not be invalid for any irregularity or defect in the proceedings for the issue and sale thereof, and shall be incontestable in the hands of bona fide purchasers or holders thereof for value.
(Special Acts, Ch. 57-1754, § 167; Ch. 63-1826, § 15) ('58 Code, § 45.103)