(1) The trustees of any statutory town may be reduced in number from six to four or again increased from four to six in the manner provided in this section. (2) When a petition signed by five percent of the registered electors of the town requesting an election for the purpose of reducing the number of trustees from six to four is presented to the board of trustees of the town or when the board determines by majority vote of the entire board that such a reduction in the size of the board would be in the interest of the town, the board shall adopt an ordinance calling for such an election, to be held within four calendar months from the date of presentation of the petition. (3) Such election may be held in connection with any regular or special election. In the event that the issue is approved at the election, three members of the board of trustees shall constitute a quorum for the transaction of business, and the legislative and corporate authority of the town shall be vested in the board of trustees consisting of one mayor and four trustees. The approval of a change reducing the number of trustees from six to four shall not have the effect of reducing the term for which any member of the board of trustees was previously elected. (4) Where the number of trustees has been reduced from six to four, an election on the issue of increasing the number of trustees from four to six may be held at any time subsequent to two years following the election reducing the number of trustees from six to four. No new petition requesting an election to reduce or increase the number of trustees on the board of trustees may be filed or accepted by the board, nor may the board refer any such issue to the voters, for a period of two years following an election for the purpose of increasing or reducing the number of trustees.
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