The governing body of the municipality may dispose of all or substantially all of the electric plant acquired by means of bonds issued under this part, but only with the approval of the supervisory body and a majority of those voting in an election held as follows:(1) The governing body of the municipality shall adopt a resolution, which shall state in substance: (A) That the supervisory body has approved the proposed disposition;(B) A full description of the property to be disposed of;(C) The purchaser or purchasers of the property;(D) The purchase price;(E) The terms or conditions of sale if such disposition is not for cash, payable in full at the time of such disposition;(F) The date on which such election will be held;(G) The place or places where votes may be cast; and(H) The hours between which such voting places may be open; and(2) At such election the ballot shall contain the words 'For the disposition of the electric plant' and 'Against the disposition of the electric plant.'Acts 1935, ch. 32, § 22; C. Supp. 1950, § 3708.22; T.C.A. (orig. ed.), § 6-1532.