A. The title to all property acquired under this chapter shall immediately, and by operation of law, vest in the power district in its corporate name, and shall be held by the district in trust for the use and purposes set forth in this chapter.

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B. The board may hold, use, acquire, manage, occupy and possess the property as authorized by this chapter, but when a district organized under this chapter finds it necessary to procure and acquire a supply of electric or other power from without the boundaries of this state, the district may contract and pay therefor in the same manner as other property acquired by the district is purchased and paid for.