(1) Where the planning commission has submitted a plan of consolidation to the department of education and has thereafter approved the plan, the proposed plan of consolidation shall be submitted to the governing bodies of the counties involved.
(2) Before taking action upon the proposed plan, each of the governing bodies shall hold at least one (1) public hearing duly advertised one (1) week or more prior to the hearing, in a newspaper or newspapers of general circulation throughout the county.
(3) Subsequent to the public hearing, each governing body shall consider and act upon the proposed plan of consolidation at its next regular meeting.
(4) The governing body is authorized to: Approve the proposed plan of consolidation; or
(5) Disapprove the proposed plan of consolidation.
(6) Where the governing bodies of all the counties have disapproved the proposed plan of consolidation, the proposed plan of consolidation shall be deemed rejected and finally disposed of.
(7) Whenever a plan of consolidation has been approved by all counties involved, a copy of the plan of consolidation shall be delivered to the consolidated school board.