Five years after the date a district was organized, twenty-five percent of the qualified electors living within the boundaries of the district may file a petition with the state soil conservation committee to terminate the operations of the district. The committee then shall conduct public hearings upon the petition to determine whether there is sufficient basis for an election to be held. If the committee determines there is sufficient basis for an election, the committee shall give due notice of the holding of an election and shall issue appropriate regulations governing the conduct of the election within sixty days after the committee has made its determination. The question to be voted on at the election must be submitted by ballot in substantially the following form:

Should the (insert name of district) be terminated?             Yes ☐ No ☐    All qualified electors residing within the boundaries of the district are eligible to vote in the election. The committee shall supervise the election. Informalities in the conduct of the election or in any matters relating to the election do not invalidate the election or its result if notice of the election has been given substantially as required by this chapter and the election has been fairly conducted.