The boundaries of Waite Hill shall continue as presently constituted unless or until changed in the manner provided by law except that:
(a) territory detached from or annexed to such boundaries; or
(b) the merger of the municipality with any other body politic; or
(c) the termination of the existence of the municipality as a municipal corporation;
may only be accomplished by action of Council in a manner subject to review by a vote of the electors upon referendum petition or by an affirmative vote of fifty-five percent (55%) of the electors of Waite Hill voting on said issue in a general, primary or special election pursuant to an initiative petition.