The appropriate board of elections shall, upon request by the town council or receipt of a petition signed by 20 percent of all registered voters of the town, call a subsequent election, to be conducted in accordance with Sections 5.1 through 5.4 hereof, for the purpose ofvoting'For' or'Against' liquor control stores. If,after the establishment of an alcoholic beverage control store or stores in the town under the provisions of this article, a subsequent election shall be held and, if, at such election a majority of the votes shall be cast "Against Municipal Alcoholic Beverage Control Stores," the board of alcoholic control shall, within three (3) months from the canvassing of such votes and the declaration of the result there of, close such store or stores and shall thereafter cease to operate the same. Within three (3) months therefrom the board shall dispose of all alcoholic beverages on hand, all fixtures, and all other property in the hands and under the control of the board of alcoholic control and convert the same into cash and turn the same over to the town finance officer. Thereafter, all Public, PublicLocal, Private and Session Laws applicable to the sale of intoxicating beverages within the town in force and effect prior to the authorization to oper ate a municipal alcoholic beverage control store shall be in full force and effect as if such election had not been held, until and unless another election is held under the provisions of this article in which a majority of the votes shall be cast"For Municipal Alcoholic Beverage Control Stores."