38-8-26. Certificates of organization for new districts--Certificate of dissolution--Assets and liabilities revert to new district.
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.