Any organization, the name of which appears on the ballot, or any faculty employee may within five days after the certification of the results of an election under the provisions of this part, file objections to the conduct of the election with the chief election officer designated by the board of trustees pursuant to WAC 132K-112-120 of this part. The election officer shall investigate such objections and, if necessary, hold formal hearings thereon. He shall report thereon to the board of trustees. If the board of trustees shall conclude that the conduct objected to may have improperly affected the results of the election, it shall order a new election. Otherwise, it shall overrule the objections and the results of the election shall be considered final. If the objection(s) of the organization or employee(s) concerns the placement of faculty employee(s) on appropriate voting lists, the board shall review the report of the election officer and shall order a new election only if they disagree with the resolution implemented by the election officer and find that the method used may have improperly affected the results of the election. Objections to the conduct of the election which are not filed in accordance with the provisions of this section shall be waived and of no effect.