Upon receipt of such petition the board shall immediately make an investigation of the proposed district, of all matters set forth in the petition, and, as the board may deem necessary or proper, of any other facts and circumstances surrounding the existing business and operation of the petitioner, its proposed dissolution and transfer of its assets to the district. The board shall also conduct a public hearing upon such petition after publishing a notice of the time and place of such hearing for three consecutive weeks in any legal newspaper widely circulated in the territory comprising the proposed district. The petitioner shall pay the necessary expenses incurred by the board in making investigations and conducting hearings pursuant to the provisions of Chapter 70, article 8.
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