Upon disbandment of any company or organization which has received arms, equipment or any other property of the State or of the United States for military purposes, the commanding officer of such company or organization shall be responsible for the return of the same to the custody of a duly authorized officer of the State.
The Adjutant General shall take the necessary legal proceedings in the name of the State or direct that proper legal proceedings be taken, as provided for in § 142 of this title, unless the property is properly accounted for.