(1) A successor district is:
(a) The owner of the property of the succeeded district, including real property and funds on deposit with the county treasurer or banks.
(b) Successor party to the contracts of the succeeded district.
(c) Successor party to the court proceedings of the succeeded district.
(d) Successor obligor on the indebtedness of the succeeded district.
(2) The rules, regulations, fire protection codes and identification numbers of the succeeded district are the rules, regulations, fire protection codes and identification numbers of the successor district, until changed by appropriate action under this chapter.
(3) The directors and officers of the succeeded district are the directors and officers of the successor district. Each director and officer shall hold office for a term equal to the term of the office of the director or officer in the succeeded district. [1957 s.s. c.10 §2]