(1) At any time after five (5) years after the organization of a district under the provisions of this chapter, any twenty-five (25) owners of land lying within the boundaries of the district may file a petition with the Arkansas Soil and Water Conservation Commission praying that the operations of the district be terminated and the existence of the district discontinued.
(2) The commission may conduct the public meetings and public hearings upon the petition as may be necessary to assist it in the consideration thereof.