If a majority of all the votes cast at an election pursuant to § 9-6-10 are for dissolution and the turnout for the election was at least two-fifths of all the legal voters of the municipality, based upon the total number of registered voters at the last preceding general election, then a statement of the vote signed by the mayor or president of the board of trustees and attested by the finance officer must be filed in the office of the register of deeds of the county or counties in which the municipality is situated. The municipality shall, at the expiration of six months from the time of holding the election, cease to be a municipality, and the property belonging to the municipality after the payment of debts and liabilities must be disposed of by transferring the property on an equitable basis to the county or counties in which the municipality is situated.
Dissolution does not affect the rights of any person under any contract with the municipality.