(1) A township may grant a franchise by a majority vote of the township board. The board shall designate a franchise granted under this act as either revocable or irrevocable.

  (2) If the franchise is designated as irrevocable, approval of the franchise as irrevocable shall be submitted to a vote of the electors of the township at the next election.

  (3) If the electors do not approve the irrevocability of the franchise, the franchise shall remain valid but continue as a revocable franchise.