If Althingi has passed a bill, it shall be submitted to the President of the Republic for confirmation not later than two weeks after it has been passed as law, and such confirmation will give it the force of law. If the President declines confirmation of a bill, it shall nevertheless become valid as law but shall, as soon as circumstances permit, be submitted by referendum to a vote of all those having the right to vote, for approval or rejection by secret ballot. If approval is denied, the law shall become void, but otherwise retain its force.