A. The provisions of this chapter shall apply to all elections held in Virginia, including referenda, and to nominating conventions, mass meetings, and other methods to nominate a political party candidate for public office, except nominations and elections for (i) members of the United States Congress, (ii) President and Vice President of the United States, (iii) town office in a town with a population of less than 25,000, or (iv) political party committees. The provisions of this chapter shall be applicable to a candidate for a town office in a town with a population of less than 25,000 if (a) such candidate accepts contributions or makes expenditures in excess of $25,000 within the candidate’s election cycle, as set forth in § 24.2-947, or (b) the governing body of any such town provides, by ordinance, that such provisions so apply.