Notwithstanding any provision in this Charter to the contrary, if before any ordinance granting a franchise under this article becomes effective, a petition signed by qualified registered electors of the City, equal in number to twenty-five per centum or more of the entire vote case at the last municipal election at which all qualified registered electors were entitled to vote, protesting against the passage of such ordinance, be presented to the Council, said ordinance shall thereupon be suspended. The Council shall submit the ordinance to the qualified registered electors of the City either at the next municipal election at which all qualified registered electors are entitled to vote, or at a special election called for that purpose, and such ordinance shall not go into effect unless a majority of the qualified registered electors voting on the same shall vote in favor thereof. The provisions respecting the forms and conditions of the petition and the mode of verification and certification and filing, shall be the same, as is provided for initiative petitions in Article III of this charter. The ballot to be used shall be substantially as is provided in Article VII of this Charter, with such modifications as may be required, said form of ballot to be approved by the City Council. (Amended November 3, 1964)