The commissioners shall enter upon their minutes an order dissolving such district if, upon the hearing provided for in 7-34-2162, the commissioners find:

1. (1) such petition to be sufficient;
2. (2) that the district is not indebted in any amount beyond funds immediately available to extinguish all of its debts and obligations; and
3. (3) that there is good reason for the dissolution of such district.

History: En. Sec. 13, Ch. 155, L. 1953; amd. Sec. 13, Ch. 257, L. 1969; R.C.M. 1947, 16-4313(part).