(1) If the plan of composition approved by the United States district court provides for the issuance of new bonds of such district and deposit thereof with such court, or such agency as it may appoint for the purpose, for the delivery of such new bonds to the creditors of the district in exchange for outstanding evidences of indebtedness of the district, such new bonds may be issued:
(a) In the case of an irrigation district, under the provisions of sections 37-43-144 to 37-43-155, or under any other law; and
(b) In the case of a drainage district, either:
(I) In the manner and with the rights of enforcement and privileges of payment provided for by article 25 of this title, insofar as applicable;
(II) Under the provisions of article 26 of this title, insofar as applicable; or
(III) Under any other law adopted after March 20, 1939.
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