Whenever a majority ofthe directors ofany schooldistrictaffected as in section 274.39have moved from such district and have ceased to be residents thereof thereby creating vacancies on the school board and reducing it toless than a quorum, the powers vested by said section inthe board of directors shall vest in the area education agency board and the instrument of conveyance shall be executed on behalf of such school district by the president of the area education agency board until an election is called pursuant to chapter 277.
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