If a petition asking for the dissolution of an organized civil township and setting forth the reasons therefor and signed by one-half of the qualified electors of such township is presented to the board of township supervisors at least ten days prior to the second Tuesday in March in any year, the petition must be considered by such board at its regular meeting on the second Tuesday in March in such year. If the qualified electors of an organized township, as determined by the board of county commissioners, do not exceed five in number, said board of county    commissioners, upon the petition of any qualified elector of such township or upon its own motion without any such petition, may dissolve such township by filing in the office of the county auditor its resolution to dissolve such township. Following the filing of the resolution by said board of county commissioners, the county auditor shall designate a time and place for a public hearing of all qualified electors who are owners of any interest in real property assessed for taxation in the township and who reside within the boundaries of the township as fixed by the order of the board of county commissioners. Notice of the hearing must be given by publication once each week for two consecutive weeks in a newspaper of general circulation in the township, the last publication appearing at least seven days prior to the hearing. The notice must be addressed to all qualified electors who are owners of any interest in real property assessed for taxation in the township or who are residing within the boundaries of the township. The county auditor shall also notify all owners of property within the township by mail at least two weeks in advance of the proposed dissolution hearing.