49-40-9. Petition for dissolution of district--Conditions under which dissolution may be permitted--Notice of dissolution--Contents of notice--Expenses of dissolution. Whenever a petition signed by a majority of the members of the board of directors or by twenty-five or more qualified voters of the state residing within the territorial boundaries of any district organized under and by virtue of chapter 49-35, shall be presented to the circuit court for the county where the principal place of business of the district is located, praying for the dissolution of such district, and it shall appear from the petition that such district has no property of any kind, owes no debts of any kind, that the district is not functioning, has ceased to function, and probably will not function in the future, the court shall forthwith publish a notice for two successive weeks in a legal newspaper of general circulation published in the district, or, if no legal newspaper is published in the district, then in any legal newspaper having general circulation therein, setting forth, in substance and in a clear and concise manner, the nature and prayer of the petition, and setting a time and place for a public hearing by the court upon the petition. The persons filing such petition for dissolution shall advance and pay the necessary expenses incurred.
Source: SL 1950 (SS), ch 17, § 77; SDC Supp 1960, § 52.1776.
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