1. The incorporation of every district, heretofore or hereafter incorporated under and by virtue of the provisions of sections 249.760 to 249.810, shall be dissolved if, at any time before bonds are issued and negotiated to construct the works and improvements as provided by the plan of reclamation adopted by its board of supervisors, twenty-five percent or more of the registered voters of the district petition the circuit court wherein the district was incorporated for a dissolution thereof; provided, that upon the filing of any such petition, the circuit court shall, before dissolving the corporation, ascertain and determine the amount of money in the treasury of, or owing to, the district, and the amount of all warrants issued and unpaid by it and the amount of the debts and other obligations owing by it; and, if the amount of money in the treasury and owing to the district is in excess of the amount of the warrants, debts and other obligations, the circuit court shall order such warrants, debts and other obligations to be forthwith paid and discharged, and the excess divided among all the owners of land in the district who paid the same thereto, in the proportions in which they paid the same; but, if the amount of money, in the treasury and owing to the corporation, is not sufficient to pay and discharge the warrants, debts and other obligations, then the circuit court shall order the board of supervisors to levy and collect a uniform tax upon the real property within the district, sufficient in amount to pay the deficiency, and to thereupon pay the same.

2. At any time during the corporate life of the district, when all outstanding bonds have been paid and when all other indebtedness of the district has been paid or when there is sufficient money on hand to pay any and all outstanding indebtedness, and when there is sufficient money on hand to pay the costs and expenses of the dissolution of the corporation as herein provided, the board of supervisors may, and on a petition of a number of voters equal to twenty-five percent of those voting at the last preceding election of supervisors shall, submit the question to the voters to determine whether or not the district shall be dissolved and its corporate life terminated.

3. If the majority of the voters voting on the question vote in favor of the dissolution of the incorporation of the district, the board of supervisors shall cause to be filed in the circuit court wherein the district was incorporated, a petition setting out the facts; that there are no outstanding bonds of the district; that there is no other outstanding indebtedness of the district, or that there is sufficient money on hand to pay any outstanding indebtedness, as the case may be, and that there is sufficient money on hand to pay the cost and expenses of the dissolution; that due notice has been given of the meeting; and, that a majority, qualified as herein provided, voted in favor of the dissolution. Whereupon the court or the clerk thereof in vacation shall cause notice to be given by publication in some newspaper printed and published in the county for four successive weeks, the last publication being not less than fifteen days before the first day of the term to which the petition is made returnable, directed to the creditors, landowners and all persons interested, of the filing of the petition, its object and purpose, and ordering them to show cause, if any there be, on the first day, why the corporation should not be dissolved.

4. If, upon a hearing of the petition, the court finds the facts aforesaid and finds that there are no outstanding debts and that there is sufficient money to pay the expenses of dissolution, it shall enter its order dissolving said corporation. If it finds there is sufficient money on hand to pay all outstanding debts, it shall order the debts paid and thereafter, on proper showing of their payment, enter its order of dissolution.