(1) An election to determine whether licenses will be granted for the manufacture or sale or the bartering, loaning, or giving away of intoxicating liquor shall be called by a petition signed by registered voters in the designated county, township, municipality, ward, or precinct in a number equal to thirty-eight percent (38%) of the registered voters.
(2) The petition shall be filed with the county clerk.
(3) The county clerk shall verify the signatures on the petition and determine the sufficiency of the petition no later than ten (10) days after the petition is submitted.
(4) The total number of voters registered as certified by the county clerk to the Secretary of State by June 1 of each year pursuant to Arkansas Constitution, Amendment 51, shall be the basis upon which the number of signatures of qualified electors on petitions shall be computed.