(1) Each municipal improvement district of any kind heretofore or hereafter established pursuant to the provisions of §§ 14-88-203, 14-88-205 — 14-88-207 shall be subject to and shall comply with the provisions of § 14-119-101 et seq.
(2) If the board of improvement of any improvement district established pursuant to §§ 14-88-203, 14-88-205 — 14-88-207 fails or refuses to comply with any provision of § 14-119-101 et seq., such failure or refusal shall constitute misfeasance in office and shall be grounds for removal of the members of the board from office.