(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 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 office in the succeeded district. [1969 c.691 §17]