Amendments to this Charter may be submitted to the electors of the Village by a two-thirds vote of the Council, and shall be submitted by the Council, when a petition signed by ten (10) percent of the electors of the Village, setting forth any such proposed amendment, shall have been filed with the election authorities in the manner and form prescribed herein for the submission of ordinances by an initiative petition. The ordinance providing for the submission of any such amendment shall be submitted to the electors at the next regular Village election if one shall occur not less than sixty (60) days nor more than one hundred twenty (120) days after its passage; otherwise it shall provide for the submission of the amendment at a special election to be called and held within the time aforesaid. Not less than thirty (30) days prior to such election the Clerk of the Council shall mail a copy of the proposed amendment to each elector whose name appears upon the registration books of the last regular Village or general election. If such proposed amendment be approved by a majority of the electors voting thereon it shall become a part of the Charter at the time fixed therein.