(1) When two (2) or more districts enter into a contract described in § 14-92-301, they shall jointly petition the county judge of the county in which the districts lie to appoint a commission of three (3) members, all of whom shall be property owners and electors within the territory affected.
(2) In the event there are more than two (2) districts joining in the petition, no two (2) of the commissioners shall be appointed from the same district.
(3) The members of the commission shall proceed to organize by: First taking the oath of office as prescribed for a commissioner of a suburban improvement district;
(4) Electing a chairman and a secretary; and
(5) Selecting a name for the consolidated system.
(6) The commission members shall have the authority to carry out the powers conferred by this subchapter.
(7) In all other respects, the commission shall be governed by and have all the authority of § 14-234-301 et seq.