Section 47. The Village Commission shall at once proceed to consider such petition and shall take final action thereon within sixty days from the date of submission. If the Village Commission rejects the proposed ordinance, or passes it in a different form from that set forth in the petition, or fails to act finally upon it within the time stated, the committee of the petitioners by written demand filed with the village clerk not later than twenty days after final action or inaction by the Village Commission may require that the proposed ordinance be submitted to a vote of the electors in its original form, if, with or prior to such demand, a petition for such election signed after the final action or inaction of the Village Commission, is filed with said clerk bearing additional signatures of twenty-five qualified electors of the village, none of whom were signers of the first petition. Such clerk shall forthwith cause notice of the filing of such demand and petition to be published in some newspaper of general circulation in the village, and shall also within five days certify to the officers having control of elections the proposed ordinance, stating whether or not a special election is demanded in the petitions, the number of voters who signed the two petitions in the aggregate, and the date on which he published the notice last mentioned.