(1) Retail dealers in alcoholic beverages shall be allowed a period of sixty (60) days in which to dispose of stock after the final determination of the results of local option election by which the political subdivision in which the dealer is located shall have voted against the manufacture and sale of alcoholic beverages.
(2) During the sixty-day period defined in subsection (a) of this section, the retailer may not purchase any alcoholic beverages, but must restrict his or her business to the sale of those items on hand as of the date the election results are finally determined.
(3) As used in this section, “final determination” means the date of certification of the results of an uncontested election or, if contested, the date of the issuance of the mandate by the court finally determining an election contest.