A. A new political party may become eligible for recognition and shall be represented by an official party ballot at the next ensuing regular primary election and accorded a column on the official ballot at the succeeding general election on filing with the secretary of state a petition signed by a number of qualified electors equal to not less than one and one-third per cent of the total votes cast for governor at the last preceding general election at which a governor was elected. From this number, at least five different counties shall be included as the county of registration among the required total of qualified electors and at least ten per cent of the required total of qualified electors shall be registered in counties with populations of less than five hundred thousand persons. The petition shall:
1. Be verified by the affidavit of ten qualified electors of the state, asking that the signers thereof be recognized as a new political party. The status as qualified electors of the signers of the affidavit shall be certified by the county recorder of the county in which they reside.
2. Be in substantially the form prescribed by section 16-315.
3. Be captioned "petition for political party recognition".
B. Notwithstanding any other law, on recognition as a political party that is represented by an official party ballot at the primary election and accorded a ballot column at the succeeding general election, a new political party is entitled to representation as a political party on the official ballot through the next two regularly scheduled general elections for federal office immediately following recognition of the political party. After these two regularly scheduled general elections for federal office, the political party is ineligible for further representation on the ballot unless it qualifies for continued representation on the ballot as prescribed in section 16-804 or it files a new petition for recognition as a new political party pursuant to this section and section 16-803.