(1) In the event of a favorable vote under § 5-3-104, the constitutional and other elective officers of the petitioning county, as provided by law, shall continue to serve out their existing terms of office and shall receive full compensation therefor; provided, that such compensation shall not be on a higher rate than was set for the office one (1) year before the receipt of the petition for consolidation by the state consolidation committee; and provided further, that all such offices and compensation shall be and stand abolished upon the effective date of consolidation.
(2) It shall be the duty of such officers to assist the like officers of the absorbing county or counties in effecting the necessary transfer of offices, books, records, funds and other property.