Any district organized under the existing statutes may become a drainage district under the terms of this act as follows:
(1) If three (3) owners of real property within the district shall petition the county court to constitute them a drainage district under the terms hereof, the county court shall give notice of the application by two (2) weeks' publication in some newspaper published and having a bona fide circulation in the county, and of a time when the petition will be heard.
(2) All owners of real property within the district shall have the right to appear and contest the petition or to support it.
(3) The county court shall hear the evidence and shall either grant the petition or deny it, as it deems most advantageous to the property owners of the district. If it grants the petition, the district shall have all the rights and powers and be subject to all the obligations provided by the terms of this act.
(4) However, if the majority of the landowners of the district or the owners of a majority of the acreage therein petition for the adoption of this act, the county court must make an order declaring that the district shall henceforth be governed by the terms of this act and shall appoint commissioners of his own selection, who shall carry into effect, without delay, the proposed drainage improvement.
(5) The provisions of this act and the act of which it is amendatory shall not apply to or in any way affect Drainage District No. 2 and Drainage District No. 5, both in Poinsett County, as originally organized in and by the county court of the county. The court shall proceed to carry out the proposed improvements as if this act and the act of which it is amendatory had never been passed or become a law.