A water management district may be organized over the whole or any part of the lands covered by an existing watershed conservancy district organized under Sections 9-8-50 through 9-8-67; provided that:
(1) The soil and water conservation district supervisors and the directors of the watershed conservancy district concerned file no objection to the organization; and
(2) The water management district assumes any outstanding obligations and responsibilities of the watershed conservancy district.
When such water management district is established, it will supersede the watershed conservancy district, and the watershed conservancy district or that portion of the watershed conservancy district involved shall be dissolved and shall no longer be in effect over the area covered by the water management district.