(1) Where the final approved plan of organization results in the creation of a new school district, if a majority of the votes cast in each affected school district in the special school district organization election are in favor of the final approved plan of organization and a majority of the eligible electors residing in the new school district voting on the question approve the estimated maximum increase in the mill levy, if any, to be imposed within the new district, then on the date specified in the final approved plan of organization, but in no event prior to the certification of the special school district organization election, the new school district shall become a body corporate and as such shall organize under the name and number stated in the final approved plan of organization and in such name may take, hold, and convey property, both real and personal, and be a party to suits and contracts.

(2) If the final approved plan of organization results in the detachment and annexation of territory between existing school districts and a majority of the votes cast in each affected school district in the special school district organization election are in favor of the final approved plan of organization and the eligible electors residing within the affected territory approve the imposition of the mill levy imposed in the annexing school district, if greater than that imposed in the detaching school district, the detachment and annexation shall be effective for all purposes on the date specified in the plan of organization but in no event prior to the certification of the special school district organization election. The detaching school district and the annexing school district shall continue as bodies corporate in the same manner as prior to the detachment and annexation.