When the portion to be separated from a district and combined with another district consists of more than three towns, and the State Council has declared the move to be effective, the Council shall appoint two supervisors for each of the new districts. Where possible, these appointments shall be made from among the existing supervisors. In each case, the two appointed supervisors will proceed to organize the new district in the same manner in which a district is organized following a referendum. When the governing body of each of the new districts has been organized, the supervisors of both the old and the new districts shall apportion the assets, rights, and properties of the divided district among the new districts. If the supervisors of the affected districts cannot agree within 60 days from the date of election of the new supervisors, the State Council will make the apportionment. In doing this, the Council shall conduct hearings with the supervisors and others who may have an interest to assist them in making a decision. Upon completion of the distribution of the assets of the old districts, the old districts shall cease to exist and the supervisors thereof will no longer serve as their governing bodies. (Amended 1959, No. 329 (Adj. Sess.), § 11(c), eff. March 1, 1961.)