If the majority of the votes cast shall be in favor of the question, then the same shall be certified to by the county election officials as provided under the general election law, the municipal manager form of government shall be abolished in such municipality and the same to take effect on January first in the second year after the general election at which the question of abandoning the municipal manager form of government shall be adopted, and January first of the second year after said general election the terms of offices of all officials under the municipal manager form of government, whether elective or appointive, shall cease and determine, and such municipality shall become a municipality under the law under which it was governed prior to the adoption of the municipal manager form of government, but such change shall not in any manner or degree affect the property, right or liability of any nature of such municipality, but shall merely extend to such change in the form of government. Nothing herein contained shall be construed to affect in any way the term of office of any policeman, fireman or other employee of any police or fire department, veteran of any war, or other official or employee now protected by any tenure of office act.

If the municipality is operating under the provisions of subtitle 3 of the title Civil Service (s. 11:19-1 et seq.), at the time of the abandonment of the municipal manager form of government therein, nothing herein contained relative to the termination of his term or to his dismissal or discharge shall apply to any person holding any position or office coming within the classified service of the civil service law.