Any levee district now organized or existing under the provisions of any other law of this state either general, special or local law, may elect in the manner herein provided to be and become organized under the provisions of sections 245.285 to 245.545; provided, that no such election or change of organization shall have the effect to repudiate or to permit the repudiation of any indebtedness or liability of such levee district which was made or incurred under its former organization, but all such indebtedness or liability shall attach to and become the debt or liability of the new organization till the same is fully paid off and discharged and all debts owing to, and all rights, privileges and immunities held or enjoyed by the old district under its former organization, shall be held and enjoyed by the new district when the same shall reorganize under the provisions of sections 245.285 to 245.545.