The qualified electors shall have the power to recall the Mayor or any member of Council whether elected by popular vote or selected to fill a vacancy, and may exercise such power by filing with the City Clerk a petition signed by qualified electors of the City equal in number to at least twenty percent of the registered voters at the last general municipal election. The petition shall be signed and verified in the manner required for an initiative petition, shall contain a demand for the removal of the elected official or officials, and shall state with reasonable specificity those acts or conduct constituting official misconduct, malfeasance in office, incompetence, neglect of duty or gross immorality for which the removal is sought.