9-132

9-132. Disincorporation

Upon petition of two-thirds of the qualified electors residing within a city or town
located in more than one county, the boards of supervisors of the respective counties,
meeting in joint session may disincorporate the city or town, and appoint a trustee with
authority to terminate the affairs of the corporation, sell and convey its property, real
and personal, pay the debts of the city or town and deposit the surplus of the proceeds
of the property in the county treasury to be there disposed of for the improvement of
roads in the vicinity in which the city or town is situated. Such proceeds shall be
distributed by the trustee to the respective counties in the proportion that the
population of the city or town within each county bore to the total population of the
city or town, according to the most recent regular or special federal census.