The requirements of §§ 38-8-16 to 38-8-18, inclusive, apply to applications for issuance of certificates of organization for new districts pursuant to § 38-8-22. Upon termination of the existing districts, the secretary of state shall issue and record a certificate of dissolution. All assets and liabilities of the original districts shall revert to the new district.

Source: SDC 1939, § 4.1517 (1) (a) as enacted by SL 1947, ch 13 ; SL 1968, ch 1 , § 13; SL 1969, ch 6 , § 2; SL 1994, ch 316 , § 16.