(a) (1) A majority of the landowners or the owners of a majority of the land in the area of a drainage association may submit a petition to dissolve the drainage association to the county commissioners or county council of the county in which the drainage association was organized.

(2) A complete list of the creditors of the drainage association certified under oath by the board of managers shall accompany the petition.

(b) On receipt of a petition under subsection (a) of this section, the county commissioners or county council shall:

(1) set a date for a public hearing on the petition; and

(2) give notice of the time, place, and purpose of the hearing at least 30 days before the hearing by:

(i) notice mailed to each creditor of the drainage association and each landowner; and

(ii) publication in a newspaper of general circulation in each county affected by the drainage association.

(c) (1) The county commissioners or county council may deny or approve a petition for dissolution after a public hearing under this section.

(2) On approval of a petition for dissolution, the county commissioners or county council shall give notice of the dissolution in the same manner as required under subsection (b) of this section.

(d) After payment of all debts, any balance in the county treasury to the credit of the dissolved drainage association shall be distributed to the landowners in proportion to the original assessments.