Any group of persons, any association, club or corporation, or any county, municipality or other political subdivision having acquired school buildings, land, property or related facilities under the provisions of Sections 37-7-471 through 37-7-483, may, by resolution duly adopted at a regular or special meeting called and convened for such purpose, determine that such school buildings, land, property or related facilities, or any portion thereof, are no longer needed or used for the purpose for which such was acquired, and may by such resolution provide for the sale of such school buildings, land, property or related facilities, or any portion thereof. Said resolution shall be forwarded to the school board of the school district involved, and if the said board shall adopt a resolution determining that such school buildings, land, property or related facilities, or such portion thereof as is sought to be sold, is no longer needed or used by the school district involved, then such school buildings, land, property or related facilities, or any portion thereof, may be sold in accordance with the procedure set forth in Section 37-7-455.

The school board of such district shall by order entered on its minutes, provide for the distribution of the proceeds received from the sale of such property in such proportions as the said school board may, in its discretion, determine reasonable as the interests may appear between the district and the group of persons, association, club, corporation, county, municipality or other political subdivision having an interest in such property at the time of such sale.

However, the provisions of this section shall not be mandatory if the school board retains a partial interest, or undivided interest or other ownership interest in the school property being conveyed.