When the boards of two or more school districts believe that a study committee should be established to study the advisability of forming a union school district, or if five percent of the voters eligible to vote at the last annual or special school district meeting petition the board of their respective school districts to do so, each of the boards shall meet with the superintendent of each participating district. With the advice of the superintendent, the boards shall establish a budget, and shall fix the number of persons to serve on the study committee that prepares the report required by this subchapter. The boards' proposal shall ensure that each participating district share in the committee's budget and be represented on the committee in that proportion which the equalized pupils (as defined in section 4001 of this title) of the district bear to the total equalized pupils of all school districts intending to participate in the committee's study. Nothing in this section shall be construed to prohibit informal exploration between and among school districts prior to the formation of a study committee. (Added 1967, No. 277 (Adj. Sess.), § 6; amended 1997, No. 71 (Adj. Sess.), § 109, eff. March 11, 1998; 2005, No. 182 (Adj. Sess.), § 24; 2007, No. 154 (Adj. Sess.), § 21.)