43. Where, after a by-law is passed under section 36,(a) the council of the adjacent municipality fails to approve the said by-law within the prescribed delay;
(b) the persons concerned fail to present, within the prescribed delay, the petition contemplated in section 40, in the case provided for such a petition; or
(c) the approval of the said annexation by-law by the council of the adjacent municipality is followed by rejection by the qualified voters,no other by-law to the same effect and for the same object may validly be passed before the expiry of two years following the passing of the annexation by-law.