(1) Within sixty (60) days after a petition for discontinuance of a district has been received by the commission it shall give due notice of the holding of a referendum, supervise the referendum and issue appropriate regulations governing the conduct of the referendum. (2) The question shall be submitted to the voters in the following form: "For terminating the existence of the .... (name of the district)" and "Against termin ating the existence of the .... (name of the district)." The voters shall be instructed to vote "yes" for one or the other of the propositions, as the voter may favor or oppose discontinuance of the district. Only owners of lands lying within the boundarie s of the district may vote in the referendum. (3) No informalities in the conduct of the referendum or in any matters relating to the referendum shall invalidate it or its result if notice of the referendum shall have been given substantially as provided in subsection (1) and the referendum has been fairly conducted.
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