A conservancy district created under the provisions of the Conservancy Act of Oklahoma may be dissolved by the district court having jurisdiction of said district, upon an application for that purpose filed by a majority of the members of the board of directors of such district, or upon the petition of a majority of the landowners in such district. Any such application shall be in writing and shall set forth either that a plan for the improvements for which the district was created has not been prepared and that there is little likelihood that such a plan will be prepared within the next three (3) years; or, that a plan has been prepared but no assessments have been approved by the court and that a period of ten (10) years has elapsed since approval of the plan and that there is little likelihood that such assessment will be made against the benefited land within the next three (3) years. Such application shall further set forth that all indebtedness of said district has been paid in full and that said district has no indebtedness outstanding and that it will be in the best interests of all landowners within said district to have the district dissolved. Said application must be signed by a majority of the members of the board of directors, or by a majority of the landowners within such conservancy district. Said application shall be filed with the clerk of the district court having jurisdiction of such district. If the judge of the district court having jurisdiction of such district is satisfied that the application is in conformance with the provisions of this act, he shall order the clerk of said court to give notice by publication, to be made of the pendency of the application and of the time and place of the hearing thereon, and said notice as provided herein shall be given in each county affected by the district and the time of hearing shall not be less than sixty (60) days from the date of the first publication. Any owner of land in said district who desires to object to the dissolution of said district shall, before the date set for the application to be heard, file his objections and state the reasons why such district should not be dissolved. Upon said hearing, if the court finds from the evidence presented that the application has been signed by a majority of the members of the Board of Directors or by a majority of the landowners in said district and either that a plan for the improvements for which the district was created has not been prepared and that there is little likelihood that such a plan will be prepared within the next three (3) years; or, that a plan has been prepared but no assessments have been approved by the court and that a period of ten (10) years has elapsed since approval of the plan and that there is little likelihood that such assessment will be made against the benefited land within the next three (3) years, and if the court further finds that all indebtedness of said district has been paid in full and that said district has no indebtedness outstanding and that it will be in the best interests of all landowners in the district to have the district dissolved, the court shall declare said conservancy district dissolved. Within thirty (30) days after the court has declared said district dissolved, the clerk of said court shall transmit to the Secretary of State, and the county clerk in each of the counties having lands in said district, copies of the order of the court dissolving said district.
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