In each county in this state in which there has heretofore been established a county free fair association under the 1937 Free Fair Act, as amended in 1939, in which county bonds for free fair purposes have been voted and issued since the effective date of said 1939 amendment, as provided in 2 O.S. 1951 Sections 109 to 117, inclusive, the board of directors of said fair association may, by resolution, if approved by the board of county commissioners, establish and convert said association into a similar fair association of the same name with the duties, powers and liabilities hereinafter set out.

Laws 1947, p. 3, § 1.