(1) Upon the issuance of the certificate of due constitution of each such district under the provisions of this chapter, all ordinances and regulations theretofore adopted and in force within the former districts shall be of no further force and effect.
(2) All contracts, agreements, and easements entered into, to which an old district or the old directors thereof, are parties, shall remain in force and effect for the period provided in the contracts.
(3) The Arkansas Soil and Water Conservation Commission shall be substituted for the district or directors as a party to such contracts.
(4) The commission shall be entitled to all benefits and subject to all liabilities under the contracts and shall have the same right and liability to perform, to require performance, to sue and be sued, and to modify or terminate the contracts by mutual consent or otherwise, as the supervisors of the former district would have had.
(5) The commission may designate and direct any of the new districts to act as its agent to carry out any contract or duty, or enforce any right, or perform any other work which accrues to it under this subchapter on account of the division or combination of an old district.