4. Such by-law must be approved by the majority in number and in value of the votes given by the elector-proprietors. No other approval is required.
Nevertheless, for the taking of the vote on any such by-law, the maximum of real estate value which may be recorded as the amount of the valuation of any joint-stock company or of any other corporation is fixed at one-fifth of the municipal valuation, but for the portion only on which there is no exemption or commutation of taxes.
R. S. 1964, c. 186, s. 5.