(a) Within sixty (60) days after a petition has been received by the commission, it shall:
(1) Give due notice of the holding of a referendum;
(2) Supervise the referendum; and
(3) Issue appropriate regulations governing the conduct of the referendum.
(b) The question shall be submitted by ballots upon which the words “FOR terminating the existence of the (name of the soil conservation district to be here inserted)” and “AGAINST terminating the existence of the (name of the soil conservation district to be here inserted)” shall be printed, with a direction to cross out or scratch off one (1) or the other of the propositions, leaving unmarked the proposition for which the voter wishes to vote.
(c) Only owners of lands lying within the boundaries of the district shall be eligible to vote in the referendum.
(d) No informalities in the conduct of the referendum or in any matters relating thereto shall invalidate the referendum or its result if notice thereof shall have been given substantially as provided in this subchapter and the referendum shall have been fairly conducted.