Whenever  any  duly  organized  school  district  within  this  state  shall
for  any  reason  cease  to  maintain  a  public  school  for  two  years  from  any
annual  school  meeting,  or  when  such  district  shall  for  two  years  cease  to
contain  at  least  six  children  of  school  age,  then  all  moneys  in  the  hands
of  the  district  clerk  or  board  of  directors  of  said  district  shall  be  turned
over  to  the  district  boundai-y  board  of  the  county  in  which  such  district
is  situated,  which  said  district  boundary  board  shall  also  take  charge  of
the  schoolhouse  or  schoolhouses  and  other  property  of  said  district;  and
it  shall  be  the  duty  of  said  district  boundary  board  to  take  care  of  said
moneys  and  other  property  of  said  district  for  the  term  of  three  years
thereafter,  and  if,  dui-ing  that  time,  said  district  shall  maintain  a  public
school  therein  as  provided  by  law,  and  shall  contain  at  least  six  children
of  school  age,  then  said  boundary  board  shall  surrender  said  moneys  and
other  property  to  the  legal  directors  of  said  district. If,  however,  said
district  fails  to  maintain  a  school  within  said  three  vears. 