(1) Upon issuance of a certificate of dissolution under the provisions of this subchapter, all regulations theretofore adopted and in force within the districts shall be of no further force and effect.
(2) All contracts theretofore entered into, to which the district or supervisors are parties, shall remain in force and effect for the period provided in such contracts.
(3) The Arkansas Soil and Water Conservation Commission shall be substituted for the district or directors as party to the 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 thereon, and to modify or terminate the contracts by mutual consent or otherwise, as the directors of the district would have had.