Whenever a cooperative district is formed and assumes all of the functions of a preexisting school district but does not take over all of the property in a preexisting district, the school board of such preexisting district shall call a special school district meeting prior to the time of establishment of the cooperative district to see what action shall be taken relative to the remaining property. Where such special meeting neglects to dispose of remaining real property, the successor in interest to a preexisting school district that is coextensive with a city or town is the city or town.
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