Upon the approval of the agreement by the required number of municipalities as provided in section 4863 of this title, the union municipal district shall become a body politic and corporate with the powers incident to a public corporation. The district shall be known by the name given in the agreement, by that name may sue and be sued, and may hold and convey real and personal estate for the use of the district. (Added 1969, No. 197 (Adj. Sess.), § 1; amended 1973, No. 250 (Adj. Sess.), § 4.)